ConocoPhillips, KMG and Mubadala to develop N Block offshore Kazakhstan

Fri. June 12, 2009; Posted: 01:06 PM

Jun 12, 2009 (Datamonitor via COMTEX) -- COP | Quote | Chart | News | PowerRating -- ConocoPhillips, JSC National Company KazMunayGas and Mubadala Development Company have signed project agreements allowing the joint exploration and development of the Nursultan Block, offshore Kazakhstan.

JSC National Company KazMunayGas (KMG) as majority owner will hold a 51% interest in the subsoil use contract and the remaining 49% will be shared equally between ConocoPhillips and Mubadala. The project will be operated by a Kazakh, which will be jointly owned by the participants in proportion to their equity.

The Nursultan Block (N Block) is located 30km south-southwest offshore Aktau, Kazakhstan in the Caspian Sea. The block covers approximately 8,100sqkm, and according to government estimates is considered highly prospective for both oil and gas.

Jim Mulva, chairman and CEO of ConocoPhillips, said: "ConocoPhillips is honored to participate in this world-class exploration project in Kazakhstan and we look forward to working with KazMunayGas and Mubadala to develop the oil and gas resources in N Block. 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."

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For full details on ConocoPhillips (COP) click here. ConocoPhillips (COP) has Short Term PowerRatings of 5. Details on ConocoPhillips (COP) Short Term PowerRatings is available at This Link.

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