Eni, KMG form joint venture in Kazakhstan
KazMunayGas (KMG) and Eni have signed an agreement for an exploration and production concession in the northern Caspian Sea.
The two companies will each hold 50% of the Isatay offshore exploration area, which is allegedly prospective for oil. They will form a joint operating company to manage their program.
Additionally, they have agreed on development of a shipyard in Kuryk on theCaspian Sea coast of the Mangystau region, to be managed by a project company formed by the same partners.