Eni SPA, the Ministry of Energy of Kazakhstan, and state-owned KazMunayGas (KMG) have signed a protocol of direct negotiations for hydrocarbon exploration and production rights in the Abay area of the northern Caspian Sea.
Eni SPA, the Ministry of Energy of Kazakhstan, and state-owned KazMunayGas (KMG) have signed a protocol of direct negotiations for hydrocarbon exploration and production rights in the Abay area of the northern Caspian Sea.
The block is about 50 km from the coast in water less than 10 m deep.
Subject to signing of an exploration and production contract, Eni and KMG will hold 50% interests each in the Abay block, with KMG carried through exploration.
Isatay Operating Co., equally owned by Eni and KMG, will operate the Abay and Isatay blocks. The companies agreed to cooperate on the Isatay block in 2017 (OGJ Online, June 23, 2017).
