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.
Copyright (c) 2010 Dow Jones & Company, Inc.
Operates 12 Offshore Rigs
- Exxon, BP Targeted in NYC Suit That Relies on 'Nuisance' Theory (Jan 10)
- ConocoPhillips Vows Financial Discipline As Aims To Boost Output (Nov 08)
- ConocoPhillips' Profit Beats Estimates, But Budget Cut 10% (Oct 26)
Company: Mubadala Development more info
- Mubadala To Hold Abu Dhabi's 2% Stake In BP (Dec 19)
- Mubadala Completes Drilling MNA-17 Well in the Manora Field Off Thailand (Sep 16)
- Abu Dhabi Plans Merger Of Sovereign Funds Mubadala And IPIC (Jun 29)