ConocoPhillips awaits partners' nod for USD 5 bn OVL deal
The deal is subject to approval of governments of Kazakhstan and India and also to other partners in the Caspian Sea field waiving their pre-emption rights, OVL Managing Director Dinesh K Sarraf told PTI in an interview here. Italy's Eni, Royal Dutch Shell, France's Total, ExxonMobil of US and Kazakhstan's KazMunayGas have 16.81 per cent stake each, while Inpex of Japan has the remaining 7.56 per cent."ConocoPhillips has already intimated the partners about the deal and they now have 60 days to decide if they want to exercise their right of first refusal (also called pre-emption rights)," he said.
One or more partners deciding to exercise their ROFR would need to pay ConocoPhillips excatly the same amount as it had agreed with OVL. ExxonMobil and Shell have been seeking bigger stakes in the Kashagan oilfield and operating control before starting to expand the project.
KazMunayGas, Kazakhstan's national oil company, too may be interested in the state. Also, Kazakhstan has right to deny
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