National company "KazMunayGas" and Eni Isatay B.V. sign series of agreements on project "Abai"

12.03.19, 12:24
/KASE, March 12, 2019/ – National company "KazMunayGas" (Astana), whose securities are officially listed on Kazakhstan Stock Exchange (KASE), has provided KASE with the following press release of March 11, 2019: quote On 11 March 2019 JSC NC "KazMunayGas" and Eni Isatay B.V. signed the Joint Operating Agreement (JOA) and the Carry Agreement (CA) for the purpose of joint implementation of the project on the Abai area, located in the Kazakh Sector of the Caspian Sea. Under the signed JOA and CA, and in accordance with the Subsoil and Subsoil Use Code of the Republic of Kazakhstan, the parties will file a request with the RoK Ministry of Energy for direct negotiations and conclusion of the hydrocarbons exploration and production contract. Background information: JSC "National Company "KazMunayGas" is Kazakhstan's national operation for exploration, production, refining and transportation of hydrocarbons. 90.42% of shares of JSC NC "KazMunayGas" are owned by Sovereign Wealth Fund "Samruk-Kazyna" JSC, and 9.58%  - by the National Bank of the Republic of Kazakhstan. Eni is an multinational energy company, present in Kazakhstan's oil and gas upstream sector since the beginning of the 90s. Eni is a co-operator of the Karachaganak field and a part of the North-Caspian PSA consortium, engaged in exploration and production at the Kashagan field. Jointly with JSC NC "KazMunayGas", the company has been the subsoil user under the Isatay offshore area exploration and production contract since 2017, where it is also a member of the operator company. Eni's total investment in Kazakhstan has exceeded 15 billion U.S. dollars since 1992. The Abai area is located in the northern part of the Kazakh sector of the Caspian Sea water area. The nearest port for ships is Bautino. Distance to shore – 65 km, water depth – around 8-10 m. unquote [2019-03-12]