March 11, 2019 / 2:24 PM / 2 months ago

KazMunayGaz teams up with Italian oil firm Eni to bid for Caspian block

ALMATY, March 11 (Reuters) - Italy's Eni and Kazakh state oil firm KazMunayGaz plan to make a joint bid to develop the Abai block in the Kazakh sector of the Caspian sea, KazMunayGaz said on Monday.

KazMunayGaz provided no details in its statement, but Kazakhstan has previously estimated the offshore block's reserves at 387 million tonnes or 2.8 billion barrels of oil.

The Central Asian nation had earlier discussed Abai's development with Norway's Equinor and India's ONGC , but the talks produced no deal.

The Abai block is located in the northern part of the Caspian, close to the giant Kashagan field developed by a consortium which includes both Eni and KazMunayGaz. (Reporting by Olzhas Auyezov, editing by Louise Heavens)

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