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. Last Updated: 07/27/2016

BP Amoco to Exit Shelf

ALMATY, Kazakhstan -- BP Amoco Exploration plans to sell its 9.5 percent stake in the consortium exploring Kazakhstan's Caspian shelf, a senior company official was quoted as saying by Interfax on Thursday.

The decision to leave Offshore Kazakhstan International Operating Co. was one outcome of a review of the company's asset portfolio after BP's merger with Amoco late last year, David Reardon was quoted by the agency as saying.

He said BP Amoco's interest in the project was neither very large nor very competitive, adding that BP Amoco's departure from the Caspian shelf project did not mean it would abandon Kazakhstan, Interfax reported.