Eni Signs Strategic Oil Deal with Kazakhstan's KazMunayGas

Reuters

MILAN, June 12 (Reuters) – Eni said on Thursday it had signed an agreement with state-owned KazMunayGas (KMG) to jointly explore an offshore oil field that will allow the Italian oil major to grow its presence in Kazakhstan.

Under the deal Eni and KMG will each own 50 percent of exploration and production rights in the Isatay offshore exploration block in the north Caspian Sea, Eni said in a statement.

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

The agreement also envisages the development of a shipyard project on the Caspian Sea coast at Kuryk, it said.

(Reporting by Stephen Jewkes; Editing by Oleg Vukmanovic)

Copyright 2017 Thomson Reuters. Click for Restrictions.

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