ENI, KMG, Kazakhstan Ministry Agree on Isatay Use Rights Transfer

By Marc Bisbal AriasFeaturesDow Jones Newswires

ENI SpA (ENI.MI) said Friday that it has signed an agreement with the Ministry of Energy of the Republic of Kazakhstan and KazMunaiGas (KMGZ.KX) to transfer 50% of the subsoil use rights of the Isatay block to ENI for the exploration and production of hydrocarbons.

Terms of the deal were not disclosed.

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The block is estimated to have significant potential for hydrocarbon resources, it said, which are geologically not complex and technologically developable in a short time, the company said.

This agreement expands the scope of ENI's activities in Kazakhstan and consolidates the alliance with its partner KazMunaiGas, it said.

Write to Marc Bisbal Arias at marc.bisbalarias@dowjones.com

(END) Dow Jones Newswires

December 22, 2017 06:11 ET (11:11 GMT)