Azernews.Az

Kazakhstan's national oil and gas company KazMunaiGas acquired a 100 per cent stake in the N Block B.V., Trend news agency reported on Wednesday, referring to the company's press service.

"On January 25, KazMunaiGas JSC and Conoco Phillips Petroleum Holdings BV completed a deal on a full acquisition of the N Block B.V. Company," the statement said.

As a result of this transaction, KazMunaiGas is the owner of 75.5 per cent of the rights for subsoil use in project N and has a 75.5 per cent stake in the N Operating Company. According to the signed contract for the use of mineral resources under the N project, its participants are KazMunaiGas with a share of 75.5 per cent and MDK (Oil and Gas N Block Kazakhstan) GmbH with 24.5 per cent.

"Increase of participation of KazMunaiGas in the N project demonstrates systematic steps to strengthen the role of the national company in offshore exploration projects in the Kazakh sector of the Caspian Sea," a press release said.

As reported by the national company, the N is implemented in accordance with the Production Sharing Agreement dated December 29, 2007, converted on 29 May 2009 into the contract for exploration and production of hydrocarbons in the N section and its supplements. Under the structure of Rakushechnoe-sea, the transition to the stage of evaluation work has been made. The Ministry of Oil and Gas of Kazakhstan has been notified of the potential detection of hydrocarbons as a result of exploration works on Nursultan.

The N Operating Company was established for the implementation of the N project where KazMunaiGas participates with a 5.5 per cent interest and MDK (Oil & Gas N Block Kazakhstan) GmbH with 24.5 per cent.