ConocoPhillips Gets $5B In Sale Of Kazakh Oil Field Stake

Law360, Houston (November 26, 2012, 4:09 PM EST) -- ConocoPhillips has agreed to sell its minority interest in a Kazakh oil field — considered to be one of the world's largest — to the international arm of India-based Oil & Natural Gas Corp. Ltd. for $5 billion, the companies announced Monday.

ONGC Videsh Ltd. will acquire ConocoPhillips' 8.4 percent participating interest in the North Caspian Sea Production Sharing Agreement covering operations in the Kashagan Field, which experts say could yield up to 16 billion barrels of commercial crude reserves.

ConocoPhillips Executive Vice President Don Wallette...
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