Kazakhstan reserves to priority right to buy ConocoPhillips stake in Kashagan

Kazakhstan plans to exercise its priority right to purchase ConocoPhillips’ stake in the North-Caspian project (Kashagan) at the Caspian Sea, Tengrinews.kz reports citing the press-service of Kazakhstan Oil and Gas Ministry.“On July 2 the Ministry notified ConocoPhilips of its intention to execute the priority right to procure its 8.4 percent share in the North-Caspian project and its share in the production sharing agreement on the North Caspian,” the message states.The priority right is regulated by the Kazakhstan law On subsoil and subsoil use. Kazakhstan national company KazMunaiGas (KMG) will be buying the ConocoPhilips stake in Kashagan. KMG has already started the preparations.Earlier Tengrinews.kz reported that Chinese National Petroleum Corporation (CNPC) was planing to purchase the stake in the giant Kashagan oilfield from KazMunaiGas for no more than $5 billion.