Oil And Gas |
July 04, 2013#36521
Kazakh govt's move dashes ONGC's hope on Kashagan field
ASAPP news bureau
The Kazakh government exercised its right of first refusal (ROFR) or pre-emption rights to acquire the 8.4 per cent stake held by ConocoPhillips in Kashagan oilfield. In November 2012, India's ONGC decided to buy ConocoPhillips' 8.4 per cent stake in Kazakhstan's biggest oilfield, Kashagan for $5 billion. But, according to a law in Kazakhstan, the national government has the ROFR that allowed it an option to buy the stake at the price agreed between ONGC and Con
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