The international arm of Indian state-owned Oil & Natural Gas Corporation (ONGC) will gain the US giant’s 8.4% interest in the North Caspian Sea production sharing agreement under the transaction unveiled on Monday.
ConocoPhillips said the carrying value of net assets related to its interest was around $5.5 billion, with expected proceeds from the sale put at $5 billion.
ONGC Videsh said the acquisition, subject to government and regulatory approvals and expected to close in the first half of 2013, would add an average of 1 million tonnes per annum (20,000 barrels per day) of output under the initial phase of the project, with a peak of 1.6
