Project Profile

Value: Undisclosed
Location: Kazakh Caspian Sea, Kazakhstan
Reserves: unknown
Area: unknown
Start-up Year: -

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. 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. 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.

Operators:

KazMunayGas (KMG): 50% interest

Eni: 50% interest