BP Sells Kashagan Stake to TotalFinaElf

abarrelfullabarrelfull wrote on 09 Aug 2012 13:44

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18 June 2001

BP announced today that it has sold its 9.5% stake in the Kashagan discovery to TotalFinaElf (TFE).

Scott Kerr, BP's Kazakhstan Business Unit Leader said: "We are pleased to have reached this agreement with TFE.

"Besides being in our own interest, we see our move as entirely helpful and beneficial to the venture as we believe that consolidation of the minor interests in the licence group is a positive outcome.

"We remain committed to Kazakhstan with our interest in the Tengiz field and the CPC (Caspian Pipeline Consortium) pipeline.”

The Kashagan prospect is offshore Kazakhstan in the northern waters of the Caspian Sea. Two wells have been completed to date.

BP had booked no reserves from Kashagan, nor did it feature in the company's forward production profile.

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