KazMunaiGas acquires 100% of N Block B.V. shares

Kazakhstan, Astana, 30 Jan. / Trend D. Mukhtarov / Kazakhstan's national oil and gas company KazMunaiGas acquired a 100 percent stake in the N Block B.V., the press service of the company reported on Wednesday. "On January 25, 2013, National Company "KazMunaiGas" JSC and "Conoco Phillips Petroleum Holdings BV" company closed a deal on full acquisition of the N Block B.V. company," the statement said. As a result of this transaction, KazMunaiGas is the owner of 75.5 percent of rights for subsoil use in the project N and 75.5 percent stake in the N Operating Company. According to the signed contract for the use of mineral resources under the N project, its participants are KazMunaiGas with a share of 75.5 percent and MDK (Oil & Gas N Block Kazakhstan) GmbH with 24.5 percent. "Increase of participation of KazMunaiGas in the N project demonstrates systematic steps to strengthen the role of the national company in offshore exploration projects in the Kazakh sector of the Caspian Sea," a press release said. As reported by the national company, the "N" is implemented in accordance with the Production Sharing Agreement № 2546 dated December 29, 2007, converted on 29 May 2009 into the Contract for exploration and production of hydrocarbons in the N section and its supplements. Under the structure of "Rakushechnoe-sea" the transition to the stage of evaluation work has been made. The Ministry of Oil and Gas of Kazakhstan has been notified of the potential detection of hydrocarbons as a result of exploration works on Nursultan structure. "N Operating Company" was established for implementation of the N project. (KazMunaiGas participants with an interest of 5.5 percent and MDK (Oil & Gas N Block Kazakhstan) GmbH with 24.5 percent). KazMunaiGas is Kazakhstan's national operator for exploration, production, processing and transportation. 100 percent of the shares of KazMunaiGas JSC NC is owned by National Welfare Fund "Samruk-Kazyna" JSC. Do you have any feedback? Contact our journalist at agency@trend.az