Eni awarded another slice of Kazakhstan’s offshore oil reserves

Submitted by Paddy Harris on Thu, 2014-06-12 16:23

12th June 2014

The agreement will result in KazMunayGas (KMG) and Eni each holding 50 per cent of exploration and production rights in Isatay, an offshore exploration area located in the north Caspian Sea

Eni gets another slice of Kazakhstan’s offshore oil reserves

The agreement also involves the development of a shipyard project in Kuryk, located on the Caspian Sea coast of the Mangystau region

The block is estimated to have significant potential oil resources and will be operated by a joint operating company.

The agreement also involves the development of a shipyard project in Kuryk, located on the Caspian Sea coast of the Mangystau region. The shipyard will be managed by a project company which will be formed by Eni and KMG.

It further strengthens Eni’s presence in the Republic of Kazakhstan, where it co-operates the Karachaganak field and is equity partner in several fields in the north Caspian Sea, including the giant Kashagan field.

The agreement was signed in the presence of the president of of Kazakhstan, Nursultan Nazarbayev, and the Italian prime minister, Matteo Renzi, KazMunayGas’ (KMG) chairman of the management board, Sauat Mynbayev, and Eni’s CEO, Claudio Descalzi.