Eni clinches deal in Kazakhstan

ROME, Nov. 6 (UPI) -- Italian energy giant Eni announced the signing of an agreement with the government of Kazakhstan to explore industrial facilities in the energy-rich country.

Eni and a high-ranking delegation from both countries signed a cooperation agreement for production activities in Kazakhstan.

The company said the agreement was part of a larger effort to expand its presence in Kazakhstan where it is working currently in the Karachaganak and Kashagan fields.

Kazakhstan produces about 1.4 billion barrels of oil per day. Proven natural gas reserves total 100 trillion cubic feet.

Eni and the state-owned KazMunayGas will examine the Isatay and Shagala gas areas in the Caspian Sea and a number of gas and shipping projects.

Both sides signed a preliminary memorandum of understanding in July.

Final investment decisions are expected within two years of the finalization of commercial studies.