Kazakhstan's state oil and gas company JSC KazMunayGas (KMG) and Eni signed an agreement for exploration and production of hydrocarbons in Astana, Eni said on Thursday.
The agreement is to renew the conditions for the transfer to Eni of 50 percent of the subsoil use rights in the Isatay block, located in the Caspian Sea.
"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," according to the agreement.
The JOC will begin working as soon as the transfer of the 50 percent interest in the license is completed, subject to transaction approval from the Republic of Kazakhstan.
Eni and KazMunayGas EP, a subsidiary of KMG, also signed an agreement to further expand upstream technology co-operation and evaluate potential joint developments in new projects.
In addition, on Wednesday, Eni signed a cooperation agreement with General Electric (GE) and the Minister of Energy of Kazakhstan, Kanat Bozumbayev, to promote the development of renewable energy projects in the country.
Eni and GE will co-operate with the aim of evaluating the possibility of building a wind power plant with approximately 50 megawatts of capacity and identifying further future initiatives that would contribute to achieving the country's strategic goals in terms of sustainable development.
In Kazakhstan, Eni is the joint operator of the Karachaganak field as well as being an equity partner in various projects in the Northern Caspian Sea, including the giant Kashagan field.
By Gulsen Cagatay
Notice: Trying to get property of non-object in /home/gatewayturkey/public_html/wp-content/themes/flex-mag/functions.php on line 2149