Korea, Kazakhstan to develop block in the Caspian Sea

An agreement has been signed between a South Korean consortium and Kazakhstan's state-owned KazMunaiGaz, to jointly develop the Zhambyl block offshore in the northwestern Caspian Sea.

Offshore staff

SEOUL, South Korea -- An agreement has been signed between a South Korean consortium and Kazakhstan's state-owned KazMunaiGaz, to jointly develop the Zhambyl block offshore in the northwestern Caspian Sea.

According to the South Korea Ministry of Commerce, Industry, and Energy, the consortium led by state-run Korea National Oil Corp. will acquire a 27% stake in the block and will have the right to purchase another 23% stake if exploration succeeds.

The ministry expects to sign a final contract in October or November, with the exploration is to start in January 2007.

9-9-06

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