Mubadala inks Kazakhstan oil deal

Abu Dhabi based Mubadala Development Company, ConocoPhillips, and JSC National Company KazMunaiGas (KMG) have inked joint exploration and development deals for the Nursultan Block (N Block) offshore Kazakhstan.

According to sources, KMG will hold 51% interest in the subsoil use contract, while the remaining 49% will be shared equally between Conoco-Phillips and Mubadala.

The sources further added that the project will be operated by a Kazakh firm which will be jointly owned by the participants in proportion to their equity.