Sources: CNPC to secure Conoco's shares in Kazakh field

07/1/2013 | Reuters

China National Petroleum is expected to acquire ConocoPhillips' shares in the Kashagan field in Kazakhstan for about $5.3 billion to $5.4 billion, sources familiar with the matter said. The field is estimated to hold 12 billion barrels of reserves. "(They) will chase (the stake) very aggressively as the Beijing authority is desperate to fill the empty oil pipeline from the Caspian side to Xinjiang," said Keun-Wook Paik, a fellow at the Oxford Institute for Energy Studies.

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