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Eni acquires stake in Kazakh offshore block

BUSINESS
Eni acquires stake in Kazakh offshore block

Italy's oil and gas giant Eni on Friday said it has inked an accord with Kazakhstan and its state-run KazMunaiGas (KMG) to transfer to Eni 50 percent of the exploration rights to the Isatay offshore block in the Caspian Sea.

"The block is estimated to have significant potential for hydrocarbon resources, which are geologically not complex and technologically developable in a short time," Eni said in a statement.

The agreement expands the scope of Eni's activities in Kazakhstan and consolidates the strategic alliance with its key partner KazMunaiGas, Eni said.

The terms of the deal were not disclosed.

In Kazakhstan, Eni is joint operator of the Karachaganak field with a 29.25 percent stake, and is an equity partner in various projects in the Northern Caspian Sea, including the giant Kashagan field with a 16.81 percent stake.