ASTANA (TCA) — The Ministry of Energy of the Republic of Kazakhstan, Italy’s Eni and Kazakhstan’s national oil and gas company KazMunaiGas (KMG) on December 21 signed an agreement to transfer to Eni 50 percent of the subsoil use rights of the Isatay block, located in the Caspian Sea, for exploration and production of hydrocarbons.
The agreement expands the scope of Eni’s activities in Kazakhstan and consolidates the strategic alliance with its key partner KazMunaiGas, the Italian company said on December 22.
The block is estimated to have significant potential for hydrocarbon resources, which are geologically not complex and technologically developable in short time.
The signing of this transaction marks the beginning of the operations of the new Joint Company, in which Eni will leverage its proprietary technologies, its leadership in exploration and its extensive experience in challenging technical and environmental areas such as the Caspian Basin, Eni said.
In Kazakhstan, Eni is joint operator of the Karachaganak field with a 29.25% stake, and is an equity partner in various projects in the Northern Caspian Sea, including the giant Kashagan field with a 16.81% stake.
Eni is a multinational Oil & Gas company, considered one of the global supermajors, it has operations in 73 countries, with a market capitalisation of US $55 billion, as of June 30, 2017. Eni constantly ranks among the top 100 on Fortune Global 500 list for largest companies by revenue.
