By Nathan Allen

Eni SpA (ENI.MI) said Friday that it has received approval from Kazakhstan's energy ministry to jointly operate the Abay offshore area with KazMunaiGas EP JSC (KZMNY).

The Abay block is located around 50 kilometers from the coast in shallow waters of the Caspian Sea. It is estimated to hold significant potential for hydrocarbon resources, Eni said.

Eni and KazMunaiGas will each hold a 50% share in the block and share costs equally during exploration. Once the project moves to the production phase, Eni and KMG will jointly operate it via an equally owned joint venture called Isatay Operating Co.

Write to Nathan Allen at nathan.allen@dowjones.com

(END) Dow Jones Newswires

July 05, 2019 04:53 ET (08:53 GMT)

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