Kazakhstan, Astana, June 12 / Trend , K. Konirova/
Geological exploration at N offshore field will cost about $450-$550 million, KazMunauGaz First Vice President Maksat Idenov told Trend .
"Investors will cover expenditures for exploration of N offshore field. They are expected to invest about $450-$550 million," Idenov said.
He said investments in the project are expected to range from $7 billion to $10 billion once oil is revealed.
"Oil production from N field is expected to begin in 2016-2017. The work will begin next month," he said.
KazMunayGas (KMG) national company and ConocoPhillips [stock symbol on the New York Stock Exchange: COP] and the State Joint Stock Company Mubadala Development Company (Mubadala) have signed a package of documents on joint exploration and development of Nursultan field.
Control shares on contract on mineral resources use (51 percent) will belong to KazMunayGas and the balance stake of 49 per cent will be owned equally by "ConocoPhillips and Mubadala.
Limited Liability Company founded in Kazakhstan will operate the project, which will be owned by all participants in the project in proportion to their shares of participation.
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