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.
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(END) Dow Jones Newswires
December 22, 2017 06:11 ET (11:11 GMT)