Hot on the heels of BP's announcement that it would have to inject billions of dollars to resurrect its declining Azeri-Chirag-Guneshli (ACG) assets in Azerbaijan, ConocoPhillips is now considering selling its 8.4 per cent stake in Kazakhstan’s 38 billion barrel Kashagan field.
This news further compounds a difficult year for IOCs in the Central Asian oil arena. With many National Oil Companies now seeking to renegotiate deals with foreign partners for higher profits and impose stringent local content targets, it is unlikely these issues will abate any time soon.
Just a little further up the Ural Mountain trail, and the Russian Federation announced that it produced an average of 10.41 million bpd for the month of September, a post-Soviet record. Four weeks out from the US election, the Russian Bear is roaring loudly.
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