ConocoPhilips Sale Raises Kazakh-Indian Pipeline Question

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HFA Staff
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ConocoPhilips (NYSE:COP) has sold its stake in one of the world’s largest oil fields. The company announced today that it was parting with its 8.4 percent stake in the Kashagan oil field, the largest oil field discovery since 1968. The firm will sell the share to Indian firm, Oil & Natural Gas Corporation Limited (NSE:ONGC) for around $5 billion. Oil & Natural Gas Corporation Limited (NSE:ONGC) is under pressure from the Indian government to increase supply in order to meet domestic demand. This deal forms the largest ever acquisition by the company. The firm has set aside more than $6…

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