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On 11 March 2019, JSCNC KazMunayGas and Eni Isatay BV signed a Joint Activity Agreement and a Financing Agreement to assist the joint realisation of the Abai block in the Kazakhstan sector of the Caspian Sea.

Under the two agreements, the parties, in accordance with the Kazakhstan Subsoil Code, applied to the Ministry of Energy for direct talks to conclude a hydrocarbon exploration and production contract.

Reference information:

JSC National Company KazMunayGas is the Kazakhstan national operator in the exploration, product, processing and transportation of hydrocarbons. 90.42% of JSC NC KazMunayGas shares belong to JSC Sovereign Wealth Fund Samruk-Kazyna and 9.58% − the National bank of the Republic of Kazakhstan.

Eni is an international power company with operations in the Kazakhstan oil and gas exploration and production sector since the 1990s. It is the co-operator of the Karachaganak field and part of the North-Caspian PSA Consortium, which has development and production operations at the Kashagan field. Since 2017, together with JSC NC KazMunayGas, it has upstream operations at the offshore Isatay block, where it is a part of the operating company. Eni’s total investment since 1992 in Kazakhstan exceeds 15 bln. USD.

The Abai block is situated in the northern section of the Kazakhstan sector of the Caspian Sea, 65 km from the coast and in waters that are approximately 8-10 m deep. The nearest port is Bautino.

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