ConocoPhillips Charges Ahead in Caspian Sea

(Dow Jones), Apr. 13, 2010

ConocoPhillips is ramping up oil development efforts in the Caspian Sea off the coast of Turkmenistan in a fresh effort with Mubadala Development Co., after a plan to team up with Lukoil on the Russian side of the Caspian didn't succeed, according to a Bloomberg report on Tuesday.

ConocoPhillips, based in Houston, is reportedly teaming up with Mubadala Development, an entity backed by Abu Dhabi, to bid for oil and gas fields in the Caspian Sea. Lukoil fell short of an effort to buy Block 21 in September, off the coast of Russia.

ConocoPhillips and Mubadala already have a working relationship in the region, after they won access in 2008 to Kazakhstan's Block N in the Caspian Sea.

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