JSC KazMunayGas (KMG) Chief Executive Officer, Sauat Mynbayev and Eni’s CEO, Claudio Descalzi signed an agreement today at the Foreign Investors’ Council in Astana. The agreement renews the conditions for the transfer to Eni of 50% of the subsoil use rights in the Isatay block, located in the Caspian Sea, for exploration and production of hydrocarbons.
The block, which is estimated to have significant potential for hydrocarbon resources, will be operated by a Joint Operating Company (JOC) formed by Eni and KMG. The JOC will benefit from the proprietary technologies of Eni, a global leader in terms of exploration and with extensive experience in challenging technical and environmental areas such as the Caspian Basin.
The JOC will begin working as soon as the transfer of 50% interest in the License is completed, subject to the approval of the transaction by the Republic of Kazakhstan.