KazMunaiGas has signed a memorandum of understanding with ConocoPhillips and Mubadala Development Co. for joint exploration and production of the N Block in the Caspian Sea. “The parties will now have until 31 December 2008, to negotiate the definitive agreements for the assignment by KMG of a 49% interest in the subsoil use contract to be shared equally between ConocoPhillips and Mubadala,” the Kazakh firm said, adding that, “KMG will remain the majority partner in the venture.” The N Block, also known as Nursultan, lies 30km S-SW off Aktau and covers some 8100sq/km. The MOU was signed by KMG Chief Executive Kairgeldy Kabyldin, ConocoPhillips Chief Executive Jim Mulva, and Mubadala Chief Executive Khaldoon Khalifa Al Mubarak.
