KazMunaiGaz, Conoco Philips, Mubadala Development Companies to develop joint oil block
20:54, 11 June 2009
ASTANA. June 11. KAZINFORM /Aigul Tulekbayeva/ Agreement on joint activity and development of ?N? oil block has been signed today by ?KazMunaiGaz? National Company? JSC (Kazakhstan), ?Conoco Philips? (USA) and ?Mubadala Development Company? JSC (UAE).
The sides agreed that the project will be managed by join operational company, where ?KazMunaiGaz? will possess 51% of shares.
Geological resources of the project are estimated at 630 mln tons, extractable resources ? at 270 mln tons. The first hole will be drilled in 2010.