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WASHINGTON -- Mobil Oil Corp. is negotiating to buy a multimillion-dollar stake in one of the world's biggest oil fields in Kazakhstan, a former Soviet republic on the Caspian Sea, according to Kazakh officials.
The bid, which is expected to be successful, would make Mobil a leading player in the high-stakes struggle to tap some of the world's largest remaining oil reserves and then bring them to Western markets. This would be an aggressive move for Mobil, which has tended to move more cautiously than some of its international counterparts in exploring high-risk "new frontier" areas.
The 40-year investment in Tengiz, a "supergiant" oil field near the Caspian Sea, eventually could cost participants a total of $20 billion to develop, making it the largest investment of any kind in the former Soviet Union. The investors include Chevron Corp. -- which holds a 50 percent stake in the project -- Kazakhstan and now possibly Mobil.
Although Mobil has reached "agreement in principle," details of the deal are still being discussed, Kazakh officials said Thursday.
Mobil Involved In Kazakh Talks
28 October 1995
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