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KazMunayGas Headquarters

Eni announced Thursday it had signed an agreement with state-owned KazMunayGas (KMG) to jointly explore the Isatay offshore exploration block.

The deal will allow the Italian company to expand its presence in Kazakhstan.

Eni and KMG will each own 50 percent of exploration and production rights for the block in the north Caspian Sea, Eni said in a statement.

“The block is estimated to have significant potential oil resources and will be operated by a joint operating company,” it said.