Total enters Yamal

The French oil company Total will together with Novatek develop the Termo-Karstovoye field on the Yamal Peninsula.

Total buys a 49 percent stake in the Novatek owned unit set to develop the gas-field, reports Dow Jones Newswire. Novatek is Russia’s biggest independent gas producer.

Total is together with Norwegian Statoil co-partners with Gazprom in the company set up to develop the first stage of the enormous Shtokman gas field in the Barents Sea.

Commenting on the deal between Total and Novatek, Russian Prime Minister Vladimir Putin said Wednesday that investments into the Termo-Karstovoye field will amount to USD 900 million. The Termo-Karstovoye, holds estimated reserves of 47,3 billion cubic meters of gas and 10,3 million tons of gas condensate, according to Novatek.

Putin also said Total could take part in the second stage of the Shtokman field development.

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