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    TotalEnergies sells its affiliate Total E&P Dunga GmbH to Kazakh company, Oriental Sunrise Corp Ltd, for $330 mln


    December 1, 2022 - Interfax Kazakhstan General Newswire

     

      ALMATY. Dec 1 (Interfax-Kazakhstan) - France's TotalEnergies implements its energy transition strategy in Kazakhstan with, on the one hand, the sale of its affiliate Total E&P Dunga GmbH and, on the other the giant Mirny wind farm project, the press office of the company said in a statement.

      On November 28, 2022, TotalEnergies signed an agreement for the sale of its affiliate Total E&P Dunga GmbH to the Kazakh company, Oriental Sunrise Corp Ltd, for $330 million. Total E&P Dunga GmbH holds a 60% operating interest in the onshore Dunga oil field in Kazakhstan, representing a net production of approximately 7,400 barrels of oil equivalent per day in 2022. The transaction is subject to the approval of the authorities of Kazakhstan and the waiver of the partners' preemption rights, the statement says.

      TotalEnergies also strengthens its presence in renewable energy in the country. In addition to its two solar power plants in operation (with a capacity of 128 MW), according to the statement.

      As reported earlier, Total Eren signed an agreement with its partners Samruk-Kazyna and KazMunayGas to develop the Mirny project, the largest wind energy project ever initiated in Kazakhstan. This project is part of the intergovernmental agreement on the implementation of cooperation in the field of combating global warming, signed yesterday by France and Kazakhstan. The 200 wind turbines, totaling 1GW of installed capacity, will be combined with a 600 MWh battery storage system. The project will supply more than 1 million people in Kazakhstan with low-carbon electricity, according to the statement. It was reported that the preliminary project cost is estimated at $1.9 billion. The wind farm is be put into operation in 2026-27, according to the statement.

      Active in Kazakhstan since 1992, TotalEnergies is one of the main shareholders (16.81%) in the North Caspian Project consortium in charge of developing the giant Kashagan field and operates the Dunga field (60%). The Company is also expanding a distribution network in Central Asia for TotalEnergies-branded lubricants, developing renewable energy projects via its subsidiary Total Eren, and providing leading industrial power storage solutions via its subsidiary Saft, according to the statement.

      Total E&P Dunga GmbH is a participant (60%, operator) in the Dunga project together with Oman Oil Co. Ltd (20%) and Partex Kazakhstan Corp. (29%). The Dunga project is being implemented under the production sharing agreement (PSA) dated May 1, 1994 signed by Oman Oil Co. Ltd and the Kazakh government. The Dunga oil and gas field is located in the Tupkaragan district of Mangistau region. Geological reserves amount to 106 million tonnes of oil and more than 6 billion cubic meters of gas. The field was discovered in 1966.

      The official exchange rate on December 1: 468.9 tenge /$1.

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