Kharyaga stake to be sold to Zarubezhneft
The Russian government has approved the sale of a 20 percent stake in the Kharyaga oil field in the Nenets Autonomous Okrug to state-owned company Zarubezhneft. With the acquisition comes reduced influence for majority owners Total and StatoilHydro.
Russia’s Energy Ministry has approved the transfer of a 20 percent stake in the Kharyaga PSA project in the Timan-Pechora province to Zarubezhneft, deputy minister Stanislav Svetlitskii announced Friday, newspaper Kommersant reports.
Mr. Svetlitskii confirms that Zarubezhneft is free to launch commercial talks with Total after obtaining approval from the government. The Kharyaga field is one of Russia’s three project run on a Production Sharing Agreement (PSA), with Total controlling 50 percent of the project, StatoilHydro – 40 percent and the Nenets Oil Company – 10 percent.
Zarubezhneft might now swallow the 10 percent share of the Nenets Oil Company, as well as shares from both Total and StatoilHydro.
The stake in the Kharyaga project will help strengthen Zarubezhneft’s position in the oil-rich Timan-Pechora province. Recently, the company also secured the licenses to four other fields in the region together with a Vietnamese partner.
Since its establishment in 1967, state-run Zarubezhneft has been involved in oil and gas exploration and production projects first of all abroad.
The oil reserves of the Kharyaga field are estimated to 55 million tons.
Read also:
Russian-Vietnamese joint venture won Nenets AO tender 5 August 2008
Total to increase production at “Kharyaga” 31 July 2008
Total to invest 800 million USD in Kharyaga 3 June 2008
The Kharyaga field (BarentsObserver.com)
