The French oil and gas giant Total is going to complete the third phase of Dunga field exploration in the Tupkaragan district of the Mangystau region, Kazakhstan, and is ready to invest $164.3 million over the period 2021-2025, according to Magzum Mirzagaliyev, the minister of energy.
In 2019 the Ministry of Energy and Total agreed to extend a production-sharing agreement on Dunga from 2024 to 2039.
“In exchange, Total promised to invest$164.3 million in the project over the period 2021-2025,” the official said.
Once the third phase is completed, the oil output at Dunga is expected to increase by 25%.
“Our outlook is an increase in oil production from 680,000 tons to 860,000 tons per year. Moreover, while the project is being implemented, 400 additional jobs will be created,” Mirzagaliyev said.
Total is a big player in several oil projects in Kazakhstan. As the company noted, it’s ready to invest money into big projects in the country, including the second phase of Kashagan and projects of renewable sources of energy.
Total is a French company, one of the five largest oil and gas companies in the world. In Kazakhstan, it owns a 16.80% share of the Kashagan oil field.