Eni_KazMunayGas

KazMunayGas (KMG) and Eni have concluded an agreement for 50% of the subsoil use rights in the Isatay block in the Kazakh Caspian Sea to be transferred to Eni.

KMG and Eni will establish a joint operating company to operate the Isatay block on a 50/50 basis.

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According to Eni, the block is estimated to have significant potential oil resources.

The joint operating company will make use of Eni’s proprietary technology and its experience in the environmentally and technically challenging conditions of the Caspian Sea shelf.

Prior to finalising the agreement, KMG completed all the required procedures under Kazakh laws to acquire subsoil use rights in the block and completed related commercial agreements.

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Following this, 50% of the subsoil use rights will be transferred to Eni within a few months subject to the approval of the transaction by the Republic of Kazakhstan.

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"The block is estimated to have significant potential oil resources."

In June 2014, the terms of Eni’s participation in the Isatay block were signed as part of a strategic agreement between both the companies.

The agreement will also see development of a shipyard project jointly by the companies in Kuryk, located on the Caspian Sea coast of the Mangystau region.

Eni said that the agreement will strengthen the company’s presence in the Republic of Kazakhstan.

In Kazakhstan, the company also operates the Karachaganak field and is an equity partner in several fields in the north Caspian Sea.

The agreement was signed by KMG management board chairman Sauat Mynbayev and Eni CEO Claudio Descalzi in the presence of the Republic of Kazakhstan President Nursultan Nazarbayev, and Italian Prime Minister Matteo Renzi.

Image: KMG and Eni finalising agreement. Photo: courtesy of Eni SpA.