Eni, KMG to co-operate Kazakh Caspian concession

KazMunayGas and Eni have finalized an agreement concerning the Isatay block in the Kazakh sector of the Caspian Sea.

Jun 30th, 2015

Offshore staff

MILAN, ItalyKazMunayGas (KMG) and Eni have finalized an agreement concerning the Isatay block in the Kazakh sector of the Caspian Sea.

A joint operating entity established by the two companies on a 50:50 basis will operate the concession, thought to hold potentially large oil resources.

Eni expects the government to ratify the transaction within a few months. The company signed an accord over the terms of its participation in June 2014, as part of a strategic agreement with KMG.

This also involves the joint development of a shipyard project in Kuryk on the Caspian Sea coast of the Mangystau region.

Eni is already a partner in various fields in the northern (Kazakh) sector of the Caspian, includingKashagan.

06/30/2015

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