North Caspian Partners Purchase BG's 16.67% Interest

Eni, sole operator of the North Caspian Sea Production Sharing Agreement, has announced the enforcement, with ConocoPhillips, ExxonMobil, Shell and Total, of the purchase of the interest to be sold by BG (16.67%).

Eni and the partners will subsequently transfer half of the interest acquired by each to Kazmunaygaz (KMG), the state-owned Kazakh oil company. As a result of this transaction KMG will become a fully fledged member of the North Caspian Sea Production Sharing Agreement, thereby acquiring the same rights and obligations as the other partners.

The new ownership structure is as follows: KMG (8.33%), Eni (18.52%), ConocoPhillips (9.26%), ExxonMobil (18.52%), Shell (18.52%), Total (18.52%) and Inpex (8.33%).

Eni's Chief Executive Officer, Vittorio Mincato, said: "The entry of the Kazakh national oil company will contribute to strengthen and quicken the development of the giant Kashagan field, the most important discovery of the past thirty years. The success of this important project, where the best skills of the global oil industry are engaged, has strategic significance for Kazakhstan and for all companies participating in the Eni-operated Consortium."

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North Caspian Production Sharing Agreement (NCPSA)

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Added to site on 01/04/05

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