KazMunayGas and Eni enter joint agreement

Kazakhstan

ASTANA, June 18, 2014 – Eni and Kazakhstan’s state-owned company, KazMunayGas (KMG), entered a joint agreement on June 12 to explore the potential for oil in the northern Caspian Sea’s Isatay offshore exploration block.

The strategic agreement signed by Sauat Mynbayev, KMG chairman of the management board, and Eni CEO Claudio Descalzi adds to the portfolio of public-private partnerships. The integrated Italian energy company and KMG will each hold 50 percent of exploration and production rights. In addition, both parties have agreed on developing a shipyard in the town of Kuryk, located in the Mangystau region.

Already operating in the giant Kashagan and Karachaganak fields, the latest joint venture further strengthens Eni’s presence in Kazakhstan.