KazMunaiGas eyes ConocoPhillips stake in Kashagan oil field

Kazakhstan's state oil company KazMunaiGas is planning to buy ConocoPhillips stake worth billions of dollars in the massive Kashagan oil field, which has been put up for sale by the US oil giant.

Lyazzat Kiinov, head of KazMunaiGas said the company is interested in buying ConocoPhillips 8.4 per cent stake in the field.

Discovered in July 2000 Kashagan oil field in the Caspian Sea has been described as the largest field found in the past 30 years, the largest outside the Middle East, which will cost around $46 billion to develop.

The field is estimated to hold around 41 billion barrels of oil and 18 trillion cubic feet of gas.

The field is being developed by joint operating company North Caspian Operating Company (NCOC), which has a group of partners including Royal Dutch Shell, Exxon Mobil, French energy company Total, ConocoPhilips, Kazakh state-run oil company KazMunaiGas, Japan's Inpex Corp and AgipKCO (Eni).

The partners aim to produce 370,000 to 450,000 barrels of oil a day in the first phase, and double the production in the second phase in 2018 or 2019,