Business | Oil & Gas
Mubadala signs Kazakh oil exploration deal
ConocoPhillips, JSC National Company KazMunaiGas (KMG) and Mubadala Development Company PJSC (Mubadala) have signed joint exploration and development deals for the Nursultan Block (N Block) offshore Kazakhstan.
- Staff Report
- Published: 00:22 June 13, 2009
Abu Dhabi: ConocoPhillips, JSC National Company KazMunaiGas (KMG) and Mubadala Development Company PJSC (Mubadala) have signed joint exploration and development deals for the Nursultan Block (N Block) offshore Kazakhstan.
KMG as majority owner will hold a 51 per cent interest in the subsoil use contract and the remaining 49 per cent will be shared equally between Conoco-Phillips and Mubadala, the statement by its business unit, Mubadala Oil and Gas, said.
The project will be operated by a Kazakh firm which will be jointly owned by the participants in proportion to their equity.
"The rise of our cooperation with ConocoPhillips and Mubadala to a new level indicates foreign investors' great interest in developing Kazakhstan's offshore fields in the Caspian and re-affirms the potential of our country's oil and gas sector. This project will enable us to use new technology and international expertise in developing offshore oil and gas resources of Kazakhstan," said Kairgeldy Kabyldin, president, KazMunaiGas.
"ConocoPhillips is honoured to participate in this world-class exploration project in Kazakhstan and we look forward to working with KazMunaiGas and Mubadala to develop the oil and gas resources in N Block," said Jim Mulva, chairman and chief executive officer of ConocoPhillips.
"This project expands our global portfolio of high-quality projects and enables us to provide a steady flow of energy resources to consumers around the world."
"We are pleased to partner with KazMunaiGas and ConocoPhillips," said Khal-doon Khalifa Al Mubarak, chief executive officer and managing director, Mubadala Development Company.
"The establishment of mutually beneficial partnerships remains a fundamental element of Mubadala's approach to business. Signing this agreement is another important step in realizing our strategy to become an active participant in the international upstream petroleum sector."
The 8,100 square km N Block is located 30km off Aktau in the Caspian Sea.
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