French energy players Total and GDF Suez will invest about $1bn in a 25% stake in Kazakh gas field project Khvalynskoye, the head of Total has announced.

Total will hold a 17% stake in the project, and GDF Suez will hold 8%, Total chief executive Christophe de Margerie told Reuters reporters during an official visit by French President Nicolas Sarkozy to Kazakhstan.

The Caspian Sea’s Khvalynskoye field, jointly owned by Kazakh state energy company KazMunaiGas and Russia’s Lukoil, is due to come on stream in 2016 with an estimated production of between 8 and 9 billion cubic metres of gas a year.

This is GDF Suez’s first investment in Kazakhstan, but Total is already present in the country’s giant Kashagan oilfield project, in which Total has a 16.8% stake.

Other shareholders are Italy’s Eni, Shell, ExxonMobil, ConocoPhillips and KazMunaigas.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData