MILAN, Nov 30 (Reuters) - Italy’s oil major ENI does not intend to exercise its right of first refusal on ConocoPhillips’ stake in Kazakhstan’s Kashagan oil field, Chief Executive Paolo Scaroni said on Friday.
ConocoPhillips intends to sell its Kashagan stake to Oil and Natural Gas Corp Videsh for about $5 billion.
Under the right of first refusal, its partners in the Kashagan field, the biggest oilfield discovery in over four decades, have nearly two months to decide whether they want the 8.4 percent stake in the project promised to the Indian group.
“We are not interested in exercising our right,” Scaroni told reporters on the sidelines of an event.
Existing partners in the Kashagan project are state-run KazMunaiGas, Eni, ExxonMobil, Inpex Corp of Japan, Royal Dutch Shell and France’s Total.