ConocoPhilips share in N project cost Kazakhstan $32.5 million

Kazakhstan, Astana, Feb. 4 /Trend D. Mukhtarov / Kazakhstan purchased a share of ConocoPhilips in the project 'N' in the Caspian Sea for $32.5 million, Oil and Gas Minister of Kazakhstan Sauat Synbaev said on Monday. On Jan.25, 2013 National Oil and Gas Company KazMunaiGas Exploration Production completed a deal on acquiring a 24.5-percent share of ConocoPhilips in the project 'N'. As a result, KMG became the owner of a 75.5-percent of rights of subsoil use in the project N. '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. Do you have any feedback? Contact our journalist at agency@trend.az