Total SA (TOT) Wednesday secured its position as one of Russia's preferred energy partners, after Prime Minister Vladimir Putin sealed a deal between the French oil major and OAO Novatek to develop a natural gas field in Russia's far north.

Total SA (TOT) agreed to buy a 49% stake in a unit of Novatek, Russia's biggest independent gas producer, to jointly develop the Termo-Karstovoye field located in the Yamalo-Nenets region. Neither Total or Novatek disclosed the price of the deal.

"This agreement with Novatek consolidates the strategy that Total aims to implement in the Russian gas sector," said Total's Chief Executive Christophe de Margerie. The comment followed a meeting in Moscow with Prime Minister Putin and Novatek's CEO Leonid Mikhelson.

In 2007, state-controlled OAO Gazprom (GAZP.RS), the world's biggest gas producer, chose Total as minority partner to develop the giant Shtokman field in the Barents Sea.

Putin said Total, which holds a 25% stake in the company developing the first stage of Shtokman, could take part in the second stage of the field, Interfax reported.

The Russian government has made it clear that Western energy investors will be tolerated only as junior partners in alliances with Russian companies.

"Total taking a minority stake in the project is in line with the guidelines that has been set for foreign investments into Russia's energy sector," said Ron Smith, chief strategist at Moscow-based Alfa Bank.

Putin also said investments into the Termo-Karstovoye field will amount to $900 million. Under the deal signed Wednesday, Total and Novatek have two years to complete exploration works and prepare a field development plan, while a final investment decision will be taken in 2011.

The Termo-Karstovoye, which is currently in the early stages of development, holds reserves of 47.3 billion cubic meters of gas and 10.3 million tons of gas condensate under Russian ABC1+C2 classification, Novatek said.

Moscow-based Alfa Bank estimates the field can produce an average of 2.5 billion cubic meters a year with peak production between 5 and 6 billion cubic meters.

Company Web site: www.total.com, www.novatek.ru

-By Jacob Gronholt-Pedersen, Dow Jones Newswires; +7 495 937 8445; jacob.pedersen@dowjones.com

(Adam Mitchell in Paris contributed to this article)