Kazakhstan, Total-led group extend Dunga oil production deal

AKIPRESS.COM - Kazakhstan and a consortium of companies led by France's Total agreed on Thursday to extend the term of a production sharing agreement (PSA) for the Dunga oilfield by 15 years, Reuters said as the Kazakh government saying. The extension of the agreement until 2039 will allow the consortium, which also includes Oman Oil Exploration and Production and Partex Oil and Gas Group, to extract an additional 9 million tonnes of oil, the cabinet said in a statement.
Under the deal, the consortium will invest $300 million in the project in order to increase annual output to 850,000 tonnes from 600,000 tonnes.
The companies have also agreed that Kazakhstan's share of the profit will grow to 60% by 2025 from the current 40%.