ONGC Videsh to Acquire 8.4% Interest in Kashagan Field from ConocoPhillips for US$5 Billion: Deal to Increase ONGC’s Production by Around 3.1% Over its 2011–2012 Production

Pages: 7 Published: December 01, 2012 Report Code: GDGE0435MA

ONGC Videsh Limited (OVL), a wholly owned subsidiary of Oil and Natural Gas Corporation Limited (ONGC), has agreed to acquire an 8.4% participating interest in the Kashagan oil field in Kazakhstan from ConocoPhillips, for a purchase consideration of US$5,000MM. Goldman Sachs (India) Securities Private Limited is acting as financial advisor and Allen & Overy LLP is acting as legal advisor to ONGC in the transaction. The transaction is expected to be completed in the first half of 2013, subject to relevant government and regulatory approvals, priority rights and consortium pre-emption rights.

Scope

Rationale behind ONGC Videsh acquiring 8.4% interest in Kashagan field from ConocoPhillips.

To understand the rationale behind the deal in helping ONGC to achieve its targets set in Perspective Plan 2030.

Geography Covered- Kazakhstan.

Reasons to Buy

Develop a sound understanding about ONGC Videsh acquiring 8.4% interest in Kashagan field from ConocoPhillips.

To know about how ONGC has been eyeing major acquisitions to meet India’s growing energy requirements.

To have an understanding of ConocoPhillips divestment plans as part of its strategic asset disposition program.

Table of Contents

Table of Contents

1 Table of Contents 1

1.1 List of Tables 1

1.2 List of Figures 1

2 ONGC Videsh to Acquire

8.4% Interest in Kashagan Field

from ConocoPhillips for US$5 Billion 1

2.1 Deal Overview 1

2.2 Deal in Brief 1

2.3 ONGC Acquires Stake in Kashagan Field to Increase its

Production by Around

3.1% Over its 2011-2012

Production 1

2.4 Kashagan is one of the World’s Largest Discovered Oil

Fields 4

2.5 ConocoPhillips Plans to Divest its Stake in Kashagan as

Part of its Strategic Asset Disposition Program 4

2.6 Deal Financials and Valuations 5

3 Appendix 7

3.1 Sources 7

3.2 Methodology 7

3.3 Contact Us 8

3.4 Disclaimer 8

List of Tables

Table 1: Oil and Gas Industry, OVL, Major Acquisitions

Around the World, 2011 to Present 3

Table 2: ConocoPhillips, Major Divestments, November 2011

to Date 5

Table 3: Companies Involved 5

Table 4: Financials of the Deal 5

Table 5: Advisor Information 6

Table 6: Target Information 6

Table 7: Target’s Production and Reserves Information 6

Table 8: Company Valuation Multiples 6

Table 9: Commodity Prices (Last Close US$) 6

Table 10: Acquirer Information 6

Table 11: Vendor Information 7

List of Figures

List of Figures

Figure 1: ONGC, Increase in Production Due to the Acquisition

of Kashagan Field, mmbbl, 2012 2

Figure 2: ONGC, Production of Crude Oil and Natural Gas

(mmboe), 2012 2

Figure 3: Kazakhstan, Location of Kashagan Field, 2012 4

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