Kazakhstan, Astana, Feb. 4 /Trend, D. Mukhtarov /
Kazakhstan purchased a share of ConocoPhilips' share in the project 'N' in the Caspian Sea for $32.5 million, Oil and Gas Minister of Kazakhstan Sauat Mynbaev said on Monday.
On Jan 25, 2013, the National Oil and Gas Company KazMunaiGas Exploration Production completed a deal acquiring a 24.5-percent share of ConocoPhilips in the project 'N'. As a result, KMG became the owner of a 75.5-percent of rights of subsoil use in the project N.
Commenting on the details of the deal on conditions of anonymity, a source in the Kazakh Ministry of Oil and Gas said that the deal was very beneficial for KazMunaiGas Exploration Production.
"The National Company KazMunaiGas acquired shares for a price lower than the price at which ConocoPhillips entered this project," the source said.
The 'N' block is located in the Caspian Sea, 30 kilometers south-southwest of the city of Aktau. The area is about 8,100 square kilometers. The first exploration well (R-1) was drilled there in the Rakushechnoye-Sea structure. The first confirmation of the presence of hydrocarbon resources was obtained. Exploration work is being conducted in full compliance with the working program. Participants of the project expect them to continue successfully. According to state estimations, the site seems to have a high potential for oil and gas yields.