ConocoPhillips Completes Sale of Kashagan Interest
HOUSTON -- October 31, 2013
ConocoPhillips (NYSE: COP) today announced it has completed the transaction
with KazMunayGas (KMG) for the sale of its 8.4 percent interest in the North
Caspian Sea Production Sharing Agreement (Kashagan) for approximately $5.4
In July 2013, ConocoPhillips announced it had received notification from the
Kazakhstan Ministry of Oil and Gas (MOG) that it was exercising the right
under the Subsoil Law of Kazakhstan to pre-empt ConocoPhillips’ proposed sale
of its Kashagan interest to ONGC Videsh Limited. KMG was designated by the MOG
as the purchasing entity.
“This is a very important milestone for ConocoPhillips,” said Don Wallette,
executive vice president, Commercial, Business Development and Corporate
Planning. “Since becoming an independent E&P company in May 2012, we have made
significant progress on creating value for shareholders by divesting non-core
assets. We appreciate the cooperation of KazMunayGas in the successful
completion of this transaction.”
Proceeds from this transaction will be available for general corporate
purposes, including investments in the company’s organic growth programs.
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ConocoPhillips is the world’s largest independent E&P company based on
production and proved reserves. Headquartered in Houston, Texas,
ConocoPhillips had operations and activities in 30 countries, $55 billion in
annualized revenue, $117 billion of total assets, and approximately 17,500
employees as of June 30, 2013. Production from continuing operations averaged
1,531 MBOED for the six months ended June 30, 2013, and proved reserves were
8.6 billion BOE as of Dec. 31, 2012. For more information, go to
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Kris Sava, 281-293-1808 (media)
Vladimir R. dela Cruz, 212-207-1996 (investors)
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