Total Transfers Stake in Kharyaga Field

29 November 2009 (Last Updated November 29th, 2009 18:30)

Total has announced it will transfer a 10% stake in the Kharyaga oil field, Russia, to state-owned oil company Zarubezhneft. According to the agreement, Total will continue to function as an operator of Kharyaga with a 40% stake, together with other partners in the field including Stato

Total has announced it will transfer a 10% stake in the Kharyaga oil field, Russia, to state-owned oil company Zarubezhneft.

According to the agreement, Total will continue to function as an operator of Kharyaga with a 40% stake, together with other partners in the field including Statoil (30%), Zarubezhneft (20%) and Nenets Oil Company (10%).

Statoil will also transfer a 10% stake to Zarubezhneft. Total operates the second and third phases of the oil field.

The third phase of the project, which commenced in December 2007, will raise output to 30,000 bpd, compared with 20,000 bpd recorded last year, the company said.

Total Exploration & Production president Yves-Louis Darricarrere said the new collaboration with Zarubezhneft provides an extra boost to Total’s Russian projects.

"The addition of Zarubezhneft as a partner in the Kharyaga field will further strengthen relations between Russian oil companies and Total," Darricarrere said.