KazMunaiGaz to sell 50 % of Arman stake to Nelson Resources

Dec 21, 2004 01:00 AM

Kazakhstan's state-owned oil and gas company KazMunaiGaz (KMG) said it will sell its 50 % stake in the Arman oil field to Canada's Nelson Resources after Shell declined to exercise its right to pre-empt the deal. In November, Nelson submitted the highest bid of 1.404 bn tenge ($ 1 = KZT 130) at an auction for the interest.
"Shell decided not to exercise its pre-emptive right," a KMG official said.

The Arman field stake is Nelson's fourth acquisition as the company pursues an aggressive expansion policy begun two years ago. In late 2003, it bought a 50 % stake in the Buzachi oil field from ChevronTexaco. Later, it has boosted reserves through the purchase of a 36 % stake in the Karakuduk field.
In November, Nelson raised its stake in Karakuduk to 76 %, pre-empting a deal between KMG, the owner of the stake, and Turkish International Petroleum. Nelson also holds an option to buy 25 % in two Caspian Sea offshore blocks, Zhambai South and South Zaburunye.

The Arman field is in western Kazakhstan.
It currently produces 4,750 bpd and pumps them through the Caspian Pipeline Consortium's Tengiz-Novorossiisk pipeline.

Source: Dow Jones
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