Kazakh President Nursultan Nazarbayev believes that the process of selling shares of ConocoPhillips in giant Kashagan oil field will be resolved soon, said in the statement on the website of Acorda.
"Kazakhstan is one of the major participants in the project to develop the Kashagan field. And if one of the shareholders decided to sell its stake, this is normal. But in this matter requires permission from Kazakhstan, as our country has the right to redeem it or to transfer the right to purchase to another investor. Now it is going the workflow consideration. I think that in the short time it will successfully completed," Nazarbayev said.
He reminded that Kashagan is a complex field.
"It has already invested $48 billion. Works are carried out almost 13 years," Nazarbayev said.
The North-Caspian project is being implemented under a production sharing agreement on the North Caspian Sea, signed Nov. 18, 1997, and includes the fields of Kashagan, Kairan, Aktoty, Kalamkas.
Kashagan field is one of the largest fields in the world opened in the last 30 years with geological oil reserves of 4.8 billion tons.
The North Caspian Operating Company (NCOC) is the only operator of the North-Caspian project. Its shareholders are Agip Caspian Sea BV (16.81 per cent), KMG Kashagan B.V. (16.81 per cent), ConocoPhillips North Caspian Ltd. (8.4 per cent), ExxonMobil Kazakhstan Inc., (16.81 per cent), Inpex North Caspian Sea Ltd. (7.56 per cent), Shell Kazakhstan Development BV (16.81 per cent) and Total EP Kazakhstan (16.81 per cent).