Phillips signs deal with Kazakhstan for exploration in Caspian

Sep 16, 1998 02:00 AM

Phillips Petroleum Co. has signed an agreement with the government of Kazakhstan for oil and gas exploration in the Caspian Sea.
The agreement entitles the American oil company to a 1/14th stake in a consortium exploring an area of the Caspian, 50 miles off Kazakhstan's north-west shore, the government said.
Japanese-owned Indonesian Petroleum Co. (Inpex) gained a 1/14th stake in the same sector.
Japan's National Oil Corp. and the Kazakh government also signed an agreement outlining the principles of exploring for oil and gas in the offshore blocks.
The overall value of the deals is $ 3 bn, Prime Minister Nursal Balgimbayev said, with $ 2 bn in direct investment and $ 1 bn in loans pledged by the foreign companies in return for exploration rights.
"The signing of these contracts, when an economic crisis is raging in different parts of the world, is good proof that the economic situation in Kazakhstan is stable," Balgimbayev said.

Source: not available
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