The Ministry of Energy of the Republic of Kazakhstan, Eni and KazMunaiGas (KMG) signed yesterday the agreement to transfer to Eni 50% of the subsoil use rights of the Isatay block, located in the Caspian Sea, for exploration and production of hydrocarbons.
The block is estimated to have significant potential for hydrocarbon resources, which are geologically not complex and technologically developable in short time.
The signature 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.
The agreement expands the scope of Eni’s activities in Kazakhstan and consolidates the strategic alliance with its key partner KazMunaiGas.
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.