KazMunayGas acquires 60% stake in Dunga field development project

Kazakhstan’s KazMunayGas has bought a stake in the shares of its subsidiary TotalEnergies in the Dunga oil and gas field, according to the company’s press service, Report informs referring to local media.

“KazMunayGas announces the completion of the acquisition from TotalEnergies EP Danmark A/S (a subsidiary of TotalEnergies) of 100% shares in the authorized capital of Total E&P Dunga GmbH and ownership rights in the Dunga subsoil use project,” reads the statement.

The transaction was completed in accordance with the terms of the purchase and sale agreement previously signed between KazMunayGas and TotalEnergies EP Danmark A/S.

“Both parties note that the completion of the transaction once again demonstrates complete mutual understanding between the companies in various areas of cooperation,” the statement noted.

The deposit is located in the Tupkaragan district of the Mangistau region. Its geological reserves amount to 106 million tons of oil and more than 6 billion cubic meters of gas.

The Dunga project is being implemented within the Production Sharing Agreement dated May 1, 1994. Currently, the project participants are Total E & P Dunga GmbH (60%), Oman Oil Company Limited (20%) and Partex Kazakhstan Corporation (20%), collectively referred to as Contractor. The project operator is Total E&P Dunga GmbH.

Since 2007, the Dunga field has been at the stage of full-scale development.

As part of this program, 171 wells were drilled and existing facilities were modernized, as well as new production sites with the corresponding field infrastructure were put into operation.