KazMunaiGas (KMG) is to transfer to Eni 50% of the exploration rights over the Isatay block, in the Caspian Sea, offshore Kazakhstan.
The block is estimated to have significant potential for hydrocarbon resources, which are geologically not complex and technologically developable in short time, says Eni.
The agreement expands the scope of Eni's activities in Kazakhstan and consolidates the strategic alliance with its key partner KazMunaiGas, says Eni.
In Kazakhstan, Eni is joint operator of the Karachaganak field with a 29.25% stake, and is an equity partner in various projects in the Northern Caspian Sea, including the giant Kashagan field with a 16.81% stake.