Total Group to Get Access to Yamal Oil Field

25.06.2009 — News

YAMALO-NENETS AUTONOMOUS OKRUG.

Total Group will acquire a 49% share in OOO Terneftegaz, a 100% subsidiary of OAO NOVATEK. This acquisition gives the French company an access to Thermokarst gas condensate field in the Yamal Peninsula.

Proven reserves of this field, discovered in 1986, are estimated at 47.3 billion cubic metres of natural gas and 10.3 million tones of liquid hydrocarbons. During one and a half years OOO Terneftegaz will conduct an additional appraisal of the field and will prepare projects for its exploration and development.

Leonid Mikhelson, Chairman of the Management Board of OAO NOVATEK, said that the Russian side considers Total to be a serious partner; its technologies can be coupled with NOVATEK's experience in complex development of geologically challenging fields, which will help develop the Thermokarst field more efficiently.

OAO NOVATEK representatives told RusBusinessNews that the deal would be closed after its approval by the Federal Antimonopoly Service of the Russian Federation.