ConocoPhillips, Abu Dhabi win Kazakh oil rights
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[October 05, 2008]

ConocoPhillips, Abu Dhabi win Kazakh oil rights

(Associated Press WorldStream Via Acquire Media NewsEdge) DUBAI, United Arab Emirates_Abu Dhabi's Mubadala and U.S. oil giant ConocoPhillips say they have signed a deal with Kazakhstan's national oil company to drill in a potentially lucrative oil and gas region in the Caspian Sea.



The memorandum of understanding tentatively gives Houston-based ConocoPhillips and Mubadala, one of the Gulf's most active government investment vehicles, the right to 49 percent of the hydrocarbons in a 8,100 square kilometer (3,130 square mile) zone near the Kazakh city of Aktau.

The companies have until Dec. 31 to negotiate the final terms of the deal.



Copyright ? 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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