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.
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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.
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