"Eni" and KMG completed transaction to obtain subsoil use rights in Isatai block

25 December, 2017 08:49

The Ministry of Energy of the Republic of Kazakhstan, the "Eni" company and JSC "NC "KazMunaiGaz" signed an agreement on transferring to "Eni" 50% of the right of subsoil use to exploration and production of hydrocarbons in the Isatai block located in the Caspian Sea.

Operational activity in the licensed territory, which according to preliminary estimates has significant hydrocarbon reserves, will be carried out by "Isatai Operating Company", jointly established by "Eni" (50%) and JSC "NC "KazMunaiGas" (50%), the Ministry informed.

The conclusion of this transaction means the beginning of the operation of a new operating company that will use the advanced technologies of "Eni", which is a world leader in geological exploration with extensive experience in the complex technical and environmental conditions of the Caspian shelf.

As a result of this agreement, the scope of activity and the presence of "Eni" in the Republic of Kazakhstan is expanding, and strategic cooperation with the key partner of JSC "NC" KazMunaiGas" is also being strengthened.

In Kazakhstan, "Eni" is a joint operator of the Karachaganak deposit (29.25% of equity participation), as well as a participant in several projects in the North Caspian, including the largest Kashagan deposit (16.81% of equity participation).

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