Allen & Overy has advised ONGC Videsh in connection with its proposed acquisition of an 8.4% participating interest in the North Caspian Sea PSA from ConocoPhillips
06 December 2012
MOSCOW – Allen & Overy advised ONGC Videsh in connection with its proposed acquisition of an 8.4% participating interest in the North Caspian Sea Production Sharing Agreement (PSA) from ConocoPhillips. The area governed by the PSA includes the Kashagan Field, situated in the North Caspian Sea of Kazakhstan. The total deal value is approximately US$5 billion. Subject to various government approvals, Kazakhstan state pre-emption rights and co-venturers’ pre-emption rights, the acquisition is expected to close in the first half of 2013.
Allen & Overy corporate partner, Edwin Tham, who is based in Moscow and led the team, commented: “Allen & Overy’s role on this high profile deal confirms our place in the club of leading CIS energy practices.”
Edwin Tham was supported by corporate partner Tim Shilling and senior associate Gareth Irving.
The Kashagan Field is the world’s largest current development project. Kashagan’s current consortium partners are Eni, Total, Shell, ExxonMobil, KazMunaiGaz, ConocoPhillips and Inpex. ONGC Videsh is a wholly owned subsidiary of Oil and Natural Gas Corporation Limited, the national oil company of India.
For further information, please contact Ekaterina Gorchakova on +7 495 725 7918 .