SOCAR eyes stake in Kazakhstan’s Dunga oil field PHOTO

Azerbaijan’s state oil company, SOCAR, has signalled its interest in joining the development of the Dunga oil field in Kazakhstan, according to the country’s Deputy Energy Minister, Sanzhar Zharkeshov.

Zharkeshov said Kazakhstan and Azerbaijan are actively working to expand cooperation in oil exploration and production between their national companies, KazMunayGas and SOCAR, Caliber.Az reports per local media.

“A memorandum has been signed outlining a wide range of potential joint projects. In particular, SOCAR has expressed a desire to participate in the Dunga field project in Mangistau region. Negotiations are ongoing, and we await the response from Azerbaijan’s Ministry of Energy. Kazakhstan is ready to provide full support,” he said.

The Dunga oil and gas field, located in the Tupkaragan district of Mangistau, holds estimated reserves of 106 million tonnes of oil and over six billion cubic metres of gas.

Discovered in 1966, the project operates under a Production Sharing Agreement signed on 1 May 1994 between Oman Oil Company Limited and the Kazakh government.

Current stakeholders include Total E&P Dunga GmbH (60%), Oman Oil Company Limited (20%), and Partex Kazakhstan Corporation (20%), with Total E&P Dunga GmbH acting as project operator.

By Aghakazim Guliyev