ConocoPhillips selling Caspian Sea claim for $5B

[November 27, 2012]  HOUSTON (AP) -- ConocoPhillips is selling a minority interest in drilling sites off the coast of Kazakhstan for about $5 billion as it continues to downsize.

The Houston company has aggressively sold refineries, pipelines and other assets over the past few years to remake itself as an independent oil and gas producer. It has sold more than $20 billion in assets and investments since 2010.

The buyer of ConocoPhillips' 8.4 percent stake, part of a production sharing agreement in the Caspian Sea, is India's ONGC Videsh Ltd.

The field is being developed jointly by Shell, Exxon Mobil, Total, Kazakh state-run oil company KazMunaiGas and the Inpex Corp.

ConocoPhillips anticipates a fourth-quarter charge of about $400 million related to the sale.

The deal is expected to close in the first half of 2013.

[Associated Press]

Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.