Eni formalizes entry to offshore Kazakhstan block
The Kazakh Ministry of Energy and KazMunaiGas have agreed to transfer to Eni 50% of the subsoil use rights of the Isatay block in the Caspian Sea.
SAN DONATO MILANESE, Italy – The Kazakh Ministry of Energy and KazMunaiGas (KMG) have agreed to transfer to Eni 50% of the subsoil use rights of the Isatay block in the Caspian Sea.
According to Eni, the block is thought to hold potential for significant hydrocarbon resources, relatively straightforward in terms of subsurface geology and therefore likely to be developed in a short time frame.
The three parties’ signature of the transaction marked the beginning of operations of the new joint company, with Eni set to contribute its proprietary technologies, and its experience in challenging technical and environmental areas, including the Caspian basin.
Currently the company operates Kazakhstan’s onshore Karachaganak field, and is a partner in various projects in the northern Caspian Sea, including the giantKashagan field with a 16.81% stake.