ConocoPhillips Company, an American multinational energy corporation, is planning to sell 30 per cent stake in its Russian joint venture Naryanmarneftgaz to its partner, Lukoil. The deal is expected to fetch USD 400 million profits (after tax).
The Timan-Pechora province venture delivers 45,000 barrels of oil equivalent per day of which Naryanmarneftgaz held 70 per cent. The JV had seven licences, with five fields producing crude and natural gas liquids.
The sale of stake is part of divestment strategy of ConocoPhillips, which has now overstepped the target of USD 20 billion, raising 20.2 billion.
Conoco had earlier divested stake in Russia's Lukoil for USD 9.5 billion and then went ahead with the sale of its Vietnam operations for USD 1.29 billion in February.