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BUSINESS MEETINGS AND AGREEMENTS

The new Minister of Energy of Kazakhstan meets Eni CEO Claudio Descalzi

Astana,10 October, 2014 – The new Minister of Energy Vladimir Shkolnik , the Chairman of the Management Board of State Oil Company KazMunaiGaz Sauat Mynbayev and Eni’s CEO Claudio Descalzi met today in Astana.

During the meetings, they discussed the results and developments of Eni’s activities in the country, particularly on the Kashagan and Karachaganak fields, on which Eni’s CEO provided an overview of the ongoing projects and activities leading to the next steps of development.

Eni’s CEO has also updated the Minister Shkolnik on the progress of the strategic agreement signed by the State Oil Company KazMunaiGaz and Eni last June. Over the last few months, Eni and KazMunaiGaz have made significant progress in relation to the engineering activities for the shipyard project in Mangystau Region. In addition, preparation for offshore exploration activity on the Isatay block is ongoing. KazMunaiGaz and Eni will have 50% each of the exploration and production rights for Isatay, an offshore exploration area in the northern area of the Caspian Sea not far from Kashagan.

Eni’s CEO Claudio Descalzi stated that "Kazakhstan has been and will continue to be a key country for Eni’s growth strategy with all our core activities represented across the breadth of Kazakhstan’s E&P sector. We have a primary role in the exploration, development and production of Kazakhstan’s giant fields where we deploy all our competencies and technological capabilities to maximize their value and huge upside potential".

Eni has been present in Kazakhstan since 1992, where it is co-operator of the Karachaganak field and participates in the North Caspian Sea PSA consortium, responsible for the operations related to the Kashagan field.

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