Eni, an Italian multinational energy company headquartered in Rome, has officially notified Kazakhstan of its decision to withdraw from the Isatay and Abay offshore projects in the Caspian Sea, as reported by PetroCouncil.
Previously, Isatay Operating Company LLC, jointly controlled by KazMunayGas (KMG) and Eni Isatay B.V., a subsidiary of Eni, on an equal basis, returned ownership of the Isatay field to the government. This decision followed geological exploration that deemed the oil and gas field commercially nonviable.
The two oil companies established their joint venture in 2017 to develop the promising, as many thought, Isatay and Abay fields in...