Total cuts stake in giant field in Kazakhstan

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Total сокращает долю в гигантском месторождении в Казахстане

Total is going to attract $ 4 billion, reducing the share in the giant Kashagan field.

French oil company Total plans to sell a third of its 17 percent stake in the giant Kashagan oil field in Kazakhstan with the aim to raise up to 4 billion US dollars from the sale, Reuters reported, citing four banking source.

Total is a member of the consortium, which signed the Agreement on production section in the North Caspian sea (NCSPSA) and owns 16,81% stake in the North Caspian license, which covers the Kashagan oil field. In addition to Total, other shareholders of North Caspian Operating Company (NCOC) are the Kazakhstan state oil company KazMunayGas and Eni, Royal Dutch Shell, ExxonMobil, China national petroleum Corporation (CNPC) and Inpex.

According to Reuters, total Total in the company that operates the Kashagan field, up to 9 billion US dollars.

In recent months, Total is in talks with Chinese state oil company on the possible sale of stake in Kashagan, but the negotiations failed due to disagreements about the price tag, told Reuters two sources.

Total can effectively use the proceeds from the sale of the stake in Kashagan, because earlier this month the French group has signed a binding agreement with Occidental on the purchase of Anadarko’s assets in Africa (Algeria, Ghana, Mozambique, South Africa) for 8.8 billion dollars, depending on Occidental completes acquisition of Anadarko .

Production at Kashagan launched in 2016 , is estimated at 400 000 barrels per day, making Kazakhstan the field one of the largest offshore oil fields.

Kashagan has reserves of 13 billion barrels of crude oil and local resources in the amount of 38 billion barrels. Its development was complex, mainly due to climatic and geological features, but also because of cost overruns, which resulted in the final budget more than doubled compared to the original 20-50 billion. USA. There were plans to increase production at the field up to half a million barrels a day.

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