Chinese CNPC completes deal on joining Kashagan project
Baku, Azerbaijan, Nov. 5
By Elena Kosolapova - Trend: Kazakh KMG Kashagan B.V. owned by Kazakh National Oil and Gas Company KazMunaiGas completed a deal on sale of 8.33 percent share in Kashagan project to China National Petroleum Company (CNPC), KazMunaiGas reported.
The transaction had been completed by October 31.
Earlier, the American ConocoPhillips completed the transaction with KazMunaiGas (KMG) for the sale of its 8.4 percent interest in Kashagan for approximately $5.4 billion.
Kashagan is a large oil and gas field in Kazakhstan located in the north of the Caspian Sea.The total oil reserves amount to 38 billion barrels, while some 10 billion out of them are recoverable reserves. There are large natural gas reserves at the Kashagan field - over one trillion cubic meters. Oil production at Kashagan field was launched in September.