Shell transfers Kazakhstan Oil PSC to Maersk Oil
Activities under agreement are in progress

By Sally JONES

LONDON -(Dow Jones) - Shell Temir Petroleum Development BV and Maersk Oil have agreed to transfer Shell's 60% interest in, and operatorship of, the Temir production-sharing contract to Maersk Oil Kazakhstan GmbH, Shell International said in a press statement Thursday.

Shell Temir is a wholly owned subsidiary of Royal Dutch/Shell Group's (RD) Shell Nederland BV. Maersk Oil Kazakhstan is a wholly owned-subsidiary of Denmark's Maersk Olie og Gas AS.

Shell said the agreements have also been approved by Veba Oel Kasachstan GmbH, which holds a 40% interest in Temir PSC, and the Agency of the Republic Kazakhstan on Investment, which represents the Kazakhstan government in the business.

The PSC is located to the northwest of the Zhanazhol, Kinkyak and Alibekmola oil fields in onshore western Kazakhstan and also contains the Saigak oil discovery.

The general manager of Shell Temir Petroleum Development BV, Christian Bukovics, said Shell's divestment decision is part of its "ongoing worldwide portfolio rationalization efforts."

By Sally Jones, Dow Jones Newswires; 44-207 842-9347; [email protected], 17/08/00 14-33G