(MENAFN) US oil firm ConocoPhillips is offering stake in Kazakhstan's Kashagan field to India's ONGC Videsh, and oilfield partners have 60 days to exercise pre-emption rights before the deal is sealed, Reuters reported.
Conoco is selling an 8.4 percent stake in the Kashagan field, the world's biggest oilfield discovery since 1968, for about USD5 billion to ONGC Videsh, the overseas investment arm of Oil and Natural Gas Corp (ONGC).
OGNGC Videsh managing director D.K. Sarraf said the Kazakh government has six months to approve the deal after the expiry of a two-month period for the partners to express their right of first refusal.
The Kashagan field is jointly controlled by state-run KazMunaiGas, along with six international companies including ConocoPhillips, Italy's Eni, ExxonMobil, Japan's Inpex Corp, Royal Dutch Shell, and France's Total.
ONGC is under pressure from Indian government to meet the nation's rising energy demand, as India buys nearly 80 percent of its oil needs and is the world's fourth-biggest oil importer.