TotalEnergies unveiled on Dec. 1 the sale of its affiliate Total E&P Dunga GmbH in Kazakhstan as part of the French energy giant’s plans to develop the largest renewable wind energy project in the Central Asian country.
Sold to Kazakh company Oriental Sunrise Corp. Ltd. for $330 million on Nov. 28, the sale of Total E&P Dunga GmbH is subject to Kazakhstan authority approval and the waiver of the partners’ preemption rights. Total E&P Dunga GmbH has a 60% operating interest in the onshore Dunga oil field, which had an approximate net production of 7,400 bbl/d of oil in 2022.
With the sale of the onshore Dunga oil field, TotalEnergies demonstrates a transition in their energy strategy, signing with partners Samruk-Kazyna and KazMunayGas to develop the Mirny project in Kazakhstan alongside its two solar power plants already in operation.
“We dynamically manage our portfolio by disposing of mature, non-core assets such as the Dunga field,” said Patrick Pouyanné, chairman and CEO of TotalEnergies, in a company release. “We are very proud to support the country’s low carbon development ambition through the major Mirny wind project.”
The Mirny project is the largest wind energy project ever begun in Kazakhstan and an illustration of the intergovernmental agreement signed Nov. 30 between France and Kazakhstan to increase cooperation to combat global warming. The project will supply more than 1 million Kazakhs with low-carbon electricity through its 200 wind turbines totaling 1 GW of installed capacity, integrated with a 600 MWh battery storage system.
Recommended Reading
Markman: Want CO2 Gone Now? Well, You Don’t Always Get What You Want
2024-04-29 - A slew of scenarios shows that climate goals can be achieved with the use of fossil fuels and CCUS.
Romito: Net Zero’s Costly Consequences, and Industry’s ‘Silver Bullet’
2024-04-22 - Decarbonization is generally considered a reasonable goal when presented within the context of a trend, as opposed to a regulatory absolute.
Google Exec: More Collaboration Needed for Clean Power
2024-04-17 - Tech giant Google has partnered with its peers and several renewable energy companies, including startups, to ramp up the presence of renewables on the grid.
‘Unapologetic,’ Barclays Restarts E&P Coverage: ‘The World Needs Oil and Gas’
2024-04-10 - Barclays analysts, in restarting coverage of E&Ps, presented anti-hydrocarbon investors with “a reality check on energy transition.”
Ørsted Names New CFO, COO Following 2023 Setbacks
2024-02-27 - Ørsted appointed Trond Westlie as CFO and executive board member and Patrick Harnett as COO following company difficulties in 2023, including a $4 billion impairment charge in third-quarter 2023.