Kazakhstan buys ConocoPhillips stake in offshore oil block
ALMATY (Reuters) - Kazakhstan's state oil company KazMunaiGas KMG.UL (KMG) has bought a 24.5-percent stake held by U.S. energy major ConocoPhillips (COP.N) in the Nursultan offshore oil block in the Caspian, KMG said on Wednesday, disclosing no price.
The block holds an estimated 270 million tonnes of recoverable oil reserves, and commercial production at the field is expected to start in 2016.
With the acquisition of the stake, KMG will now hold a 75.5-percent share in the exploration and development project and Abu Dhabi state investment company Mubadala the remaining 24.5 percent, KMG said.
(Reporting by Dmitry Solovyov; editing by Keiron Henderson)