Italy's Eni S.p.A. announced Saturday that the company and KazMunayGas (KMG), Kazakhstan's national oil and gas company, have entered into an agreement to jointly explore the Isatay block in the north Caspian Sea.
The agreement defines the commercial terms of the transfer to Eni of a 50 percent interest in the Isatay block, which is believed to hold significant potential oil resources. KMG and Eni will establish a joint operating company, with each holding a 50 percent stake, to operate the block.
"The joint operating company will benefit from Eni’s proprietary technology, industry-leading track record in exploration and extensive experience in the environmentally and technically challenging conditions of the Caspian Sea shelf," the press release said.
The transfer is expected to be completed within a few months subject to the approval of the transaction by the Kazakhstan government.
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