A joint operating entity established by the two companies on a 50:50 basis will operate the concession, thought to hold potentially large oil resources.
Eni expects the government to ratify the transaction within a few months. The company signed an accord over the terms of its participation in June 2014, as part of a strategic agreement with KMG.
This also involves the joint development of a shipyard project in Kuryk on the Caspian Sea coast of the Mangystau region.
Eni is already a partner in various fields in the northern (Kazakh) sector of the Caspian, includingKashagan.
