Italian energy major ENI and Kazakhstan’s state oil and gas company KazMunayGas (KMG) have signed a contract for the exploration and production of hydrocarbons at the Abay block in the Caspian Sea.

“According to the signed contract, the main minimum obligations are drilling one exploration well and carrying out 3D seismic exploration at the Abai offshore section of the Kazakhstani sector of the Caspian Sea,” KMG said in a press statement on 29 July.

In early July of this year, the Protocol of direct negotiations was signed, under which the parties reached an agreement on the payment of a signature bonus to Kazakhstan – an one-time fixed payment subsoil user for the acquisition of subsoil use rights in the contract area – and on the obligations of the subsoil user by share local content.

“This project for both companies is an important step in expanding the resource base,” KazMunayGaz said.

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