TOTAL SA is looking to sell a third of its stake in Kazakhstan's Kashagan oil field to raise up to $4 billion, Reuters reported May 24, citing four banking sources.

The French energy giant holds a 16.8% stake in the oil field, which is valued up to $9 billion, according to the sources. A source said TOTAL does not have external bankers involved in the potential deal. Two sources said the company has negotiated with a Chinese national oil company in recent months, but the two sides cannot agree on the deal price.

Under Kazakhstan's law, companies looking to sell their stakes in oil fields are required to approach the government first before talking with third-party buyers, Reuters noted.

TOTAL, however, denied any talks with a Chinese company to sell its stake in the oil field when contacted by the news service. Kazakhstan's Energy Ministry did not immediately respond to Reuters' request for comment.

The Kashagan oil field is operated by North Caspian Operating Co. BV.