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Eni strengthens its presence in Turkmenistan


Published Nov 21, 2014
Eni S.p.A.

The Director of The State Agency for Management and Use of Hydrocarbon Resources, Yagshygeldy Kakayev, the chairman of State Concern Turkmenneft, Tachdurdy Begdjanov, and Eni's CEO, Claudio Descalzi, signed an addendum to the Production Sharing Agreement (PSA) with respect to the onshore Nebit Dag Area located in West Turkmenistan.

The agreement was signed in the presence of the President of Turkmenistan, Gurbanguly Berdimuhamedov, and the Italian Prime Minister, Matteo Renzi.The addendum extends the duration of the PSA to February 2032 and a 10% stake out of the contractor share is transferred by Eni, operator of the block, to Turkmenneft. Eni will keep the remaining 90% interest stake in the PSA. This agreement will enable further E&P investments in Burun and other satellite fields of the Nebit Dag block.

Tags: Eni S.p.A.




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