France's Total is seeking to sell part of its stake in Kazakhstan's gi...
LONDON/MOSCOW - France’s Total is seeking to sell part of its stake in Kazakhstan’s giant Kashagan oilfield to raise up to $4 billion, four banking sources said.
Total holds a 16.8% stake in Kashagan, one of the world’s largest oil fields with production of around 400,000 barrels per day, and is seeking to sell around one third of its stake, according to the sources.Total declined to comment. The French energy company has held talks with a Chinese national oil company about a stake sale in recent months, but the sides were unable to agree on a price, according to two sources.The sale would be a welcome cash boost for Total as it prepares to buy $8.8 billion of oil and gas assets in Africa from Occidental Petroleum should its acquisition of U.S. rival Anadarko go through.
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