Total Plans To Invest In Novatek Unit, Develop Russian Field
June 24 2009 - 11:30AM
Dow Jones News
French oil and gas major Total SA (TOT) Wednesday confirmed an
agreement in principle to buy 49% of OAO Novatek's (NVTK.RS)
Terneftegas unit, and plans to develop a Russian gas field jointly
with Novatek.
Terneftegas holds a license to develop the offshore
Termokarstovoye gas and condensates field, which has the potential
to produce over 47.3 billion cubic meters of natural gas and about
10.3 million metric tons of condensate, Total said in a
statement.
Total didn't say how much it would pay for the stake.
-By Adam Mitchell, Dow Jones Newswires, +33 1 40171756;
adam.mitchell@dowjones.com