Joint Operational Company on Nursultan Sea Block Development Established
Kazakhstan, Astana, 3 Dec / Trend , corr. K. Konirova / The national company KazMunayGas OSC (KMG), American ConocoPhillips company and Energy & Industry Holding CO (100% daughter organization of Mubadala Development Company of the United Arab Emirates) signed a cooperation agreement on the "N" project in Almaty on 5 Dec, special correspondent of Trend said.
In accordance with the agreement, the project will be implemented by the joint operational company, which will have the following allocation of shares- Kazmunaygas will own 51% of shares. ConocoPhillips and Mubadala Development Company - 49%. "In the following period of the output, the Kazakh national company will own 100% of the operational company," the KMG press-release said before the beginning of the ceremony.
In Oct 2008, KazMunayGas, ConocoPhillips and Mubadala Development Company signed a memorandum on mutual understanding, which aims at agreement of exploration and development of "N" block, which is located in the Kazakh shelf sector of the Caspian Sea within the new contract on royalty using.
According to the data of the national company, the "N" block is located 30 km south from the south-west shelf of Aktau in the Caspian Sea. Its conditional fuel deposit is forecasted to make up 600-700mln tons of fuel.
The national company KazMunayGas is a national operator on exploring, production, processing and transporting of carbohydrates, represents the interest of the government in oil and gas sector of Kazakhstan. 100% of its shares belong to the government.
ConocoPhillips is an integrated energy company with world-wide interest. It is based in Texas, the U.S. In early July 2008, the company's assets comprised $190bln.
Mubadala Development Company is the state stock company with headquarters in Abu-Dhabi.
Have you feedback? Contact our journalist at: сapital@trend.az