ConocoPhillips has announced that is has signed project agreements with Abu Dhabi investment arm Mubadala Development Company and Kazakhstan’s state-owned energy company KazMunayGas (KMG) allowing the joint exploration and development of the Nursultan Block (N Block) located in offshore Kazakhstan.
The agreement gives KMG a majority 51% shareholding with the remainder being split equally between ConocoPhillips and Mubadala. A company, Kazakh LLP, will be set up to run the project which will be jointly owned by the participants in proportion to their equity.
“This project will enable us to use new technology and international expertise in developing offshore oil and gas resources of Kazakhstan,” Kairgeldy Kabyldin, KMG’s president said.
Jim Mulva chairman and CEO of ConocoPhillips said that his company was looking forward to working in partnership with KMG and Mubadala on the N Block project.
“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,” Mulva said.
The N Block is located 30 kilometers south-southwest offshore Aktau, Kazakhstan in the Caspian Sea. The block covers approximately 8,100 square kilometers, and according to government estimates is considered highly prospective for both oil and gas.
