Trio sign Caspian Sea accord

A consortium of three companies have signed joint exploration/development agreements related to the Nursultan block offshore Kazakhstan.

Offshore staff

HOUSTON-- A consortium of three companies have signed joint exploration/development agreements related to the Nursultan block offshore Kazakhstan.

JSC National Co. KazMunayGas will hold a 51% interest in the subsoil use contract, with the remaining 51% divided between ConocoPhillips and Mubadala Development Co.

The project will be operated by Kazakh LLP, an entity jointly owned by the three parties in proportion to their equity.

Nursultan block is 30 km (18.64 mi) southwest of Aktau in the Caspian Sea. The acreage, covering an area of around 8,100 sq km (3,127 sq mi), is strongly prospective for oil and gas, according to the Kazakh government’s estimates.

06/12/2009

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