News 2015
January, 2015N Block
In December 2014, within the N Project in the Kazakhstan sector of the Caspian Sea the first appraisal well drilling has been started. The Trend reported this in the press service of Kazakh National Company KazMunaiGaz. “In December 2014, under the N Project the first appraisal well drilling is started on the structure of ‘Rakushechnoye-offshore’ 1,600 metres deep,” – the press service noted.
N Block is among the promising KMG’s projects in the Kazakhstan sector of the Caspian Sea. A subsoil use contract is currently concluded with respect to the project. N Block is located on the Caspian Sea, in 30 km to south-west of Aktau. The land plot area is approximately 8,100 sq. km. The project operator will be LLP established in Kazakhstan, and it will belong to all the project participants in proportion to their respective equity shares under the subsoil use contract.
Earlier KMG owned 51% of equity shares under the subsoil use contract, and 49% were owned (in equal shares) by ConocoPhillips and Mubadala companies. On January 25, 2013, KMG completed the acquisition of 100% shares of N Block B.V. from ConocoPhillips for $32.5 million. As a result of this transaction KMG owns 75.5% of the subsoil rights in the N Project and 75.5% of equity shares in N Operating Company LLP. According to the signed subsoil use contract under the N Project, the project participants are KMG with 75.5% of shares and Oil & Gas N Bloсk Kazakhstan GmbH with 24.5%.