Kazakhstan buys ConocoPhilips share in N project for $32.5m (UPDATE)
Kazakhstan purchased a share of ConocoPhilips in the N project in the Caspian Sea for $32.5 million, Oil and Gas Minister Sauat Synbaev said on Monday, Trend news agency reported.
On Jan.25, Kazakh national oil and gas company KazMunaiGas completed a deal on acquiring a 24.5-percent share of ConocoPhilips in the N project. As a result, KMG became the owner of a 75.5-percent of rights of subsoil use in the project.
'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 in the Rakushechnoye-Sea structure. The first confirmation of the presence of hydrocarbon resources was obtained. The exploration work is conducted in full compliance with the working program. The participants of the project expect them to continue successfully. According to the state bodies' estimations, the site is highly prospective for oil and gas.