Total signs deal with KazMunaiGas
Posted: 6 October 2009
Total signed a Heads of Agreement (HOA) establishing the principles of a partnership with KazMunaiGas (KMG) for the development of the Khvalynskoye field, located offshore in the Caspian Sea on the border between Kazakhstan and Russia.
"This agreement provides the opportunity for Total to further strengthen its ties with KazMunaiGaz, with whom the Group is already a partner on the Kashagan project in Kazakhstan," said Yves-Louis Darricarrère, President Exploration and Production.
"Total will bring to the Khvalynskoye’s partners the company’s know-how in developing offshore projects in order to successfully develop the field."
Khvalynskoye is a conventional gas condensate field located in water depths of 25 metres which will be developed by Lukoil (50 per cent, operator). The gas produced from this field will be transported to Russia.
Under the terms of the HOA, Total and GdF-Suez will acquire a participation of 25 per cent (Total 17 per cent, GdF-Suez 8 per cent) from the initial 50 per cent stake held by KMG.
Posted by Richard Price, Editor, EnergyME.com
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