Energy Business Recap: ConocoPhillips Sells Kashagan Interest, Statoil’s Arctic Investment
Kazakhstan’s oil minister says that ConocoPhillips (NYSE:COP) is prepping the sale of its 8.4 percent interest in the huge Kashagan oilfield, as that country attempts to drain more revenue from foreign-owned developments. Kashagan was the largest oil discovery since Prudhoe Bay back in the 1960s, but has been plagued by delays, soaring costs and technical complications. Output of oil is currently anticipated to start in March.
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Norway’s Statoil (NYSE:STO) will shell out $7 billion in the upcoming development phases at its Snoehvit natural gas field in the Arctic to keep output going until 2040, which contradicts earlier rumors that it had abandoned its plans to expand Snoehvit because of insufficient reserves.
Shares of SandRidge Mississippian Trust I (NYSE:SDT) fell and then rebounded a bit following its parent company SandRidge Energy (NYSE:SD) disclosing a large divestiture in an Securities and Exchange Commission filing that emerged just before the open, of 668,000 shares at $22.98. The timing of the filing implies that the trade occurred before market hours, likely in a private transaction.
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