The Kazakh government exercised its right of first refusal (ROFR) or pre-emption rights to acquire the 8.4 per cent stake held by ConocoPhillips in Kashagan oilfield. In November 2012, India's ONGC decided to buy ConocoPhillips' 8.4 per cent stake in Kazakhstan's biggest oilfield, Kashagan for $5 billion. But, according to a law in Kazakhstan, the national government has the ROFR that allowed it an option to buy the stake at the price agreed between ONGC and Con
Tag: Kashagan
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Eni waives pre-emption rights in favour of OVL
In a move that reduces the hurdle for ONGC Videsh's $5 billion bid to acquire ConocoPhillips' stake in Kashagan oilfield of Kazakhstan, one of the field operator Eni has publicly stated that it will not pre-empt or block the acquisition.
Italy's Eni is the operator of the first phase of the Kashagan oilfield that is due to start production in second quarter