ConocoPhillips' Kazakh Venture Sale Marks Caspian Exit

Law360, New York (January 30, 2013, 7:59 PM EST) -- Kazakhstan's state oil and gas company has bought partner ConocoPhillips Co. out of an offshore oil venture, essentially ending the Texas company's presence in the Caspian Sea, the buyer said on Wednesday.

KazMunayGas JSC has purchased all of ConocoPhillips' shares in N Block BV, an 8,100-square-kilometer patch just off Kazakhstan's southern Caspian Sea coast, according to a statement from the sovereign petroleum outfit.

The deal leaves ConocoPhillips — which signed away its interest in the prolific Kashagan natural gas field — with no exploration or development...
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