NEWS & EVENTS: Breaking News
25.06.2009 10:31
June 25. Novatek, Russia’s No. 2 gas producer, and French Total intend to invest around USD 1 bn into the development of the large Termokarstovoye field in the Yamal-Nenets Autonomous District. Novatek reported Wednesday that Total will buy a 49% interest in its business unit, Terneftegaz, for joint field development, while Novatek will hold a 51% working interest in the project. The parties intend to bring the field on stream in 2011. “We welcome Total’s participation in the project. Its technology potential will contribute to our experience in tapping complicated geological assets and accelerating the efficient development of the Termokarstovoye field located in the hard-to-reach area,” Novatek’s press release quoted CEO Leonid Mikhelson as saying. Russian Prime Minister Vladimir Putin gave a blessing to a union formed with the French company that is already a partner of Gazprom in the Shtokman project and privately owned Novatek, a large stake of which was recently purchased by Gennady Timchenko, co-owner of oil trader Gunvor. “This is a good project, and a big one. Investments will be around USD 1 bn. I think this is a promising initiative, all the more since Novatek possesses its own gas processing facilities. And definitely the fact itself we are meeting today means we’ll back such projects,” Putin said meeting Novatek and Total executives, Mikhelson and Christophe de Margerie, before signing the agreement.
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