KMG & ENI commence Issatay field exploration

The agreement was signed by KMG Chairman Sauat Mynbayev and ENI CEO Claudio Descalzi, the press service of the KMG reports. According to the contract, both companies confirmed their readiness to implement "Issatay" and "Shipyard" projects. Talking about "Issatay" project, KMG and ENI agreed to conduct exploration work on the block in the northern part of the Kazakh sector of the Caspian Sea. The parties have determined that exploration work will be carried out by a joint operating company. KMG and ENI started to work with the Ministry of Oil and Gas in order to obtain the right of subsoil use", the press release reads. The agreement also provides for the implementation of the project of shipyard construction in Kuryk village on the Caspian coast of Mangistau region ("Shipyard"). KMG and ENI will finance the construction of the shipyard.

The companies plan to set up a joint project company to manage the plant.