Breaking News

Japan Industrial Production Falls 3.3% in June, More Than Estimated
Tweet TWEET

Total, Novatek Start Termokarstovoye Gas Project in Russia

Total SA (FP), Europe’s third-biggest oil company, will start development of the Termokarstovoye natural gas field in Russia with its partner OAO Novatek as it expands output in the country.

The project is expected to start production in 2015 with capacity of 65,000 barrels of oil equivalent a day, the Paris- based company said in a statement.

Termokarstovoye, located in the Yamal Nenets autonomous district, may hold 47 billion cubic meters of natural gas and about 10 million tons of condensate. The exploration and production license is held by Terneftegas, 51 percent-owned by Novatek, and the rest by Total.

Total plans to boost output in Russia more than 30-fold within a decade, in part through Arctic projects. The explorer last week announced the purchase of 2 percent of Novatek for about $800 million, boosting its stake in Russia’s fastest- growing gas producer to 14.1 percent. The companies are also partners in the Arctic Yamal LNG project.

Total has stakes in Russia’s Kharyaga, Shtokman and Khvalynskoye fields.

To contact the reporter on this story: Tara Patel in Paris at tpatel2@bloomberg.net

To contact the editor responsible for this story: Will Kennedy at wkennedy3@bloomberg.net

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.