Global Processing

Mubadala, Conoco agree on Kazakh deal

October 6, 2008
Reuters reports that the UAE''s Mubadala Development Co has signed a preliminary deal with ConocoPhillips and Kazakhstan''s state energy firm to develop an offshore Kazakh oil and gas block. Conoco and Abu-Dhabi government-owned investment agency Mubadala will each hold a 24.5 percent stake in the offshore Kazakh block in the Caspian Sea. Kazakh state oil and gas firm KazMunaiGas KMG.UL will hold the majority stake. Conoco and Mubadala have until the end of the year to finalize the terms of the contract for Kazakhstan''s "N" block.