Total to invest 800 million USD in Kharyaga
French oil major Total will invest another 800 million USD in the Kharyaga oil field in the Nenets Autonomous Okrug.
According to company representative Pierre Nergararyan, Total now starts implementing the third field development phase, which will allow the company to increase extraction from todays 20,000 barrels to 30,000 barrels per day. A total of 20 wells will be drilled. Mr. Nergararyan says Total by year 2010 intends to sell parts of the surplus gas from the field to Russian oil major Lukoil. The Kharyaga field is one of three Russian fields operated on a production sharing agreement. The project is run by Total (50%) in partnership with StatoilHydro (40%) and the Nenets Oil Company (10%).
