Two of Kazakhstan’s top oil magnates have agreed to buy what amounts to a 60% operating interest in the Dunga onshore heavy oil development in the Mangistau region in the west of the country, in a deal that seller TotalEnergies says is worth about $330 million.

The French supermajor described an agreement to sell its Kazakh affiliate, Total E&P Dunga, to locally-owned Oriental Sunrise, reportedly owned by Kazakh businessmen Bauyrzhan Bisembayev and Zhan Makatov.

A 60% stake in the Dunga development would give Oriental Sunrise a net production of approximately 7400 barrels of oil equivalent per day.

The Dunga field is described as the second largest producer in the Mangistau province, responsible for about 19% of the total oil output in the region.

The transaction is subject to the approval of the authorities of Kazakhstan and the waiver of the partners’ preemption rights, TotalEnergies said.

Other shareholders are Oman Oil and Portugal’s Partex Oil & Gas, the two original founders of the venture.