05-02-03 Kerr-McGee announced that its subsidiaries have agreed to sell their interests in Kazakhstan to Shell Kazakhstan Development, in a transaction valued at $ 165 mm.
The Kazakhstan assets include 50 % interest in the Arman producing field, 100 % interest in the Mertvyi Kultuk exploratory area, and 1.75 % working interest in the Caspian Pipeline Consortium. The transaction, which is expected to close March 31, 2003, will be effective Jan. 1, 2002.

During the fourth quarter of 2002, Kerr-McGee's net daily production from the Kazakhstan properties was approximately 2,500 barrels of oil.
"The divestiture of the Kazakhstan assets is consistent with our strategy of focusing on the development of core areas in high-potential trends," said Luke R. Corbett, Kerr-McGee chairman and CEO. "Net proceeds from this sale will be used to reduce debt."

Kerr-McGee is an Oklahoma City-based energy and inorganic chemical company with worldwide assets of approximately $ 10 bn.