BP sells Kashagan stake to Fina - June 25, 2001

Providing coverage of Alaska and northern Canada's oil and gas industryJune 2001

Vol. 6, No. 6

Week of June 25, 2001

BP sells Kashagan stake to Fina

Petroleum News Alaska Staff

BP said June 18 that it has sold its 9.5 per cent stake in the Kashagan discovery to TotalFinaElf. Scott Kerr, BP’s Kazakhstan Business Unit Leader said: “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 license 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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