KazMunayGas, ConocoPhillips and Mubadala Development co.have agreed to develop the offshore Kazakhstan “N” Block offshore Kazakhstan, and penned a memorandum of understanding under laws affecting the country’s subsoil.
The companies gave themselves a New Year’s Eve deadline to agree terms for the “world class” asset’s development by which KMG could assign 49 percent of the license to ConocoPhillips and Abu Dhabi oilfield player Mubadala.
The highly prospective “N” Block lies 30 kilometers offshore Aktau, Kazakhstan in the Caspian Sea and covers 8,100 square kilometers.
While the Kazakhs said they welcomed the new technology that would develop the field, a ConocoPhillips statement said the company was out to establish a “major new exploration presence in Kazakhstan”.
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