Italian energy company Eni has signed an agreement to renew the conditions for the transfer to Eni of 50% of the subsoil use rights in the Isatay block in the Caspian Sea off Kazakhstan.
The block, which is believed to have potential for hydrocarbon resources, will be operated by a joint operating company (JOC) set up by Eni and JSC KazMunayGas (KMG).
The JOC will use the proprietary technologies of Eni and will begin working as soon as the 50% interest transfer is complete.
The companies also signed an agreement to expand upstream technology co-operation and evaluate potential joint developments in new projects.
The Italian company yesterday signed a cooperation agreement with General Electric and Kazakhstan’s Energy Minister Kanat Bozumbayev to promote renewable energy projects in the country.
Under the agreement Eni and GE will cooperate to evaluate the possibility of building a wind power plant with a capacity of about 50 MW.
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