The main reason why ConocoPhillips sold its share in the gigantic pie that everyone wants a bite from has nothing to do with the complexity of the field or the bulging expenses of the consortium to develop it.
Indian Foreign Ministry plans to discuss cooperation in energy with Kazakhstan government after Kazakhstan refused to support Indian ONGC's deal on Kashagan.
Oil and Gas Minister emphasized that the decision is to be taken by a special inter-agency committee that is carefully studying the issue at the moment.
The consortium developing the field comprises Eni, Shell, ExxonMobil, Total and KazMunaiGaz (all with a 16.81% stake) as well as ConocoPhillips (8.4%) and Japan's Inpex (7.56%).
US energy giant ConocoPhillips has agreed to sell its Nigerian operations to growing African group Oando for 1.79 billion dollars (1.35 billion euros).
Kashagan's development in Kazakhstan has already absorbed $116 billion, which makes the project one of the most expensive discoveries of the last 40 years.
Independent expert Olzhas Baidildinov of Kazakhstan has expressed his opinion on the news about ConocoPhillips intent to sell its stake in Kashagan to Indian ONGC.