French oil company Total SA (TOT) has sold a 10% stake in Russia's Kharyaga oil field to Russian State-owned oil group Zarubezhneft (ZVST.RS), it said Friday.
French oil company Total SA (TOT) has sold a 10% stake in
Russia
's
Kharyaga oil field to Russian State-owned oil group Zarubezhneft (ZVST.RS), it
said Friday.
Terms weren't disclosed.
"A memorandum of understanding signed in 1999 at the same time as the
Kharyaga production sharing agreement stipulated that a Russian partner would
take a stake in the project," Total said in a statement.
Total is operator of phases two and three of the Kharyaga field, which is in
the Nenets Autonomous District.
The development of phase three, which received the go-ahead in December 2007,
will eventually increase output at the field to 30,000 barrels a day from
20,000 barrels a day in 2008, the company added.
"Under the agreement, Total will continue to operate Kharyaga with a 40%
interest, along with its partners Statoilhydro ASA (OSL), with 30%,
Zarubezhneft with 20% and Nenets Oil Co. with 10%.
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