21 Nov 2023 14:36

KMG acquires from TotalEnergies stake in Dunga oil and gas project in Kazakhstan

ALMATY. Nov 21 (Interfax) - KazMunayGas (KMG) has acquired from TotalEnergies EP Danmark A/S, a subsidiary of TotalEnergies, 100% of the shares in Total E&P Dunga GmbH, KMG's press service said in a statement.

The deal provides KMG with the right to own a stake in the Dunga subsoil use project. The parties earlier signed the sale and purchase agreement between KMG and TotalEnergies EP Danmark A/S. KMG has not specified the amount of the transaction.

"Both parties note that completing the transaction once again demonstrates full mutual understanding between the companies in various areas of collaboration," KMG notes.

Total E&P Dunga GmbH is a 60% participant as an operator in the Dunga project with Oman Oil Co. Ltd (20%) and Partex Kazakhstan Corp. (20%). The Dunga project is being implemented under a production sharing agreement (PSA) dated May 1, 1994, as concluded between Oman Oil Co. Ltd and the Kazakh government. The Dunga oil and gas field is located in the Tupkaragan District of the Mangystau Region. Geological reserves total 106 million tonnes of oil and more than 6 billion cubic meters of gas. The deposit was discovered in 1966.

KazMunayGas is Kazakhstan's national operator for the exploration, production, processing, and transportation of hydrocarbons, and it represents the government's interests in the oil and gas industry.

TotalEnergies is a global company that produces and sells energy resources, including oil and biofuels, natural gas and green gases, renewable energy sources, and electricity.