ABU DHABI Oct 5 The UAE's Mubadala Development
Co said on Sunday it has signed a preliminary deal with U.S.
major ConocoPhillips (COP.N) and Kazakhstan's state energy firm
to develop an offshore Kazazh 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, Mubadala said.
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
finalise the terms of the contract for Kazakhstan's "N" block,
Conoco won a contract earlier this year with
government-owned Abu Dhabi National Oil Company (ADNOC) for a
$10 billion-plus project to develop sour gas reserves in the
Abu Dhabi leads the seven-member United Arab Emirates, and
holds over 90 percent of the UAE's oil reserves. The UAE is the
world's fifth-largest oil exporter.
Abu Dhabi already has big plans for investment in
Government-owned IPIC and Kazakhstan launched a $1 billion
fund to invest in energy and other sectors in July. IPIC also
plans to develop a $5 billion-plus petrochemical project in
(Reporting by Stanley Carvalho; Editing by Erica Billingham)