Kazakhstan's national oil and gas company KazMunaiGas and Eni Isatay B. V. have signed a Joint Activity Agreement and a Financing Agreement within the framework of the joint implementation of the project on the Abai block located in Kazakhstan's sector of the Caspian Sea, Trend reports via press service of KazMunaiGas.
Based on the signed agreements, the parties will apply to the Energy Ministry of Kazakhstan with an application for direct negotiations and conclusion of a contract for the exploration and production of hydrocarbons.
KazMunaiGas is Kazakhstan's national operator for exploration, production, processing and transportation of hydrocarbons. Around 90.42 percent of KMG's shares belong to the National Welfare Fund Samruk-Kazyna, and 9.58 percent is owned by the National Bank of Kazakhstan.
KMG produces about 28 percent of the total oil and gas condensate production in Kazakhstan and 16 percent of natural and associated gas production, and also processes 82 percent of Kazakhstan's oil.
Eni is an international energy company, which has been present in the oil and gas exploration and production sector of Kazakhstan since the 1990s. Presently, the company is a co-operator of the major fields of Karachaganak and Kashagan.
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