Mubadala, ConocoPhillips and Kazakhstan’s KazMunayGas have signed a Memorandum of Understanding (MOU) for the exploration and production of the N Block in offshore Kazakhstan. The N Block, covering an area of 8100km2 and located 30km of the coast of Aktau in the Caspian Sea, is believed to have high oil and gas potential.
The companies now have until December 31, 2008 to negotiate a 49% interest in the subsoil use contract to be shared between ConocoPhillips and Mubabadala, with KazMunayGas holding the majority stake.
“Mubadala is an active developer in the international energy sector, with a growing portfolio of first-class assets in the upstream oil and gas sector, and this MOU marks another significant step forward for us,” said Khaldoon Khalifa Al Mubarak, chief executive officer and managing director, Mubadala Development Company.
“We are excited by the potential of this block and the opportunity it provides for us to bring our experience to bear, working together with trusted organizations like KazMunayGas and ConocoPhillips.”
