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ConocoPhillips To Sell Kazakh Oilfield Stake To Oil & Natural Gas Corporation Ltd For $5 Billion-Reuters

Monday, 26 Nov 2012 10:40am EST 

Reuters reported that ConocoPhillips plans to sell its 8.4% stake in Kazakhstan's giant Kashagan oil field to India's Oil and Natural Gas Corp Ltd for about $5 billion as the Indian company looks to make up for flagging production. ConocoPhillips said the carrying value of the assets related to its Kashagan interest was about $5.5 billion as of September 30. The company said it would take an after-tax impairment of about $400 million in the fourth quarter to reduce the carrying value. The deal is expected to close in the first half of 2013.