Total transfers interest in Russia’s Kharyaga field to Zarubezhneft
Posted: 27 November 2009
Total E & P Russie, a wholly-owned subsidiary of Total S.A., reported the transfer of a 10 per cent interest in the Kharyaga oil field to state-owned Zarubezhneft of Russia.
A memorandum of understanding (MOU) signed in 1999 at the same time as the Kharyaga production sharing agreement (PSA) stipulated that a Russian partner would take a stake in the project.
Total is operator of phases 2 and 3 of the Kharyaga field, which is located in the Nenets Autonomous District. The development of phase 3, which received the go-ahead in December 2007, will increase output to 30,000 barrels per day (b/d), compared to 20,000 b/d in 2008.
"This new collaboration with Zarubezhneft gives an additional boost to Total’s projects in Russia," said Yves-Louis Darricarrère, President, Total Exploration & Production.
"The addition of Zarubezhneft as a partner in the Kharyaga field will further strengthen relations between Russian oil companies and Total."
Another partner in the field, Norway’s Statoil, is also transfering a 10 per cent interest to Zarubezhneft.
Under the agreement, Total will continue to operate Kharyaga with a 40 per cent interest, along with its partners Statoil (30 per cent), Zarubezhneft (20 per cent) and Nenets Oil Company (10 per cent).
Posted by Richard Price, Editor, EnergyME.com
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