ConocoPhillips, JSC National Company KazMunaiGas (KMG) and Mubadala Development Company PJSC (Mubadala) have signed joint exploration and development deals for the Nursultan Block (N Block) offshore Kazakhstan.
KMG as majority owner will hold a 51 per cent interest in the subsoil use contract and the remaining 49 per cent will be shared equally between Conoco-Phillips and Mubadala, the statement by its business unit, Mubadala Oil and Gas, said.
The project will be operated by a Kazakh firm which will be jointly owned by the participants in proportion to their equity.
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