KMG buys ConocoPhillips' Nursultan stake

Caspian deal: KMG acquires ConocoPhillips stake in Nursultan block

NASA

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Bill Lehane ,

News Wires

 30 January 2013 14:08 GMT

Kazakhstani state player KazMunaiGas has reportedly acquired a 24.5% stake in the Nursultan offshore oil block from ConocoPhillips, giving it a 75.5% stake in the Caspian Sea concession.

The offshore Kazakh block’s estimated reserves run to around 2.13 billion barrels of oil, with commercial production at the field set to start in 2016, Reuters said.

Abu Dhabi state investment company Mubadala holds the remaining 24.5% stake in the project, also known as Block N, which saw a production sharing agreement signed in 2009.

The 8100-square kilometre block is situated around 30 kilometres south of Aktau.

The value of Wednesday's deal was not disclosed.

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