Source: Zarubezhneft will buy 20% of the Kharyaga PSA in Total

Source: Zarubezhneft will buy 20% of the Kharyaga PSA in Total


A source familiar with the negotiations on the deal, said that Zarubezhneft will also become the operator of the Kharyaga project. As a result of the transaction the Russian company will increase its stake to 40%.

MOSCOW, 16 Oct. “Zarubezhneft” has agreed with France’s Total about purchase of 20% stake in Kharyaga PSA project, said a source familiar with the negotiations on the deal.

“Zarubezhneft” will also become the operator of the Kharyaga project, the source said. As a result of the transaction the Russian company will increase its stake to 40%. The amount of the transaction, the source did not call.

The representatives of Zarubezhneft and Total declined to comment.

In April, a source close to the leadership of the project, said that Total has no plans to leave the Kharyaga PSA project, but likely that will relinquish the duties of the operator of the Russian state “Zarubezhneft”.

In the framework of the agreement on production sharing oil production in the Kharyaga are Total (40%) — operator of the project, Norwegian StatoilHydro (30%) and OAO Zarubezhneft (20%) and Nenets oil company (10%), which belongs to the administration of the NAO. Total reserves Kharyaga field has estimated over 160 million tons.

Earlier media reported that the Ministry of energy of the Russian Federation dissatisfied with the work of the operator Kharyaga field and proposes to transfer the management of the company. Later, the Minister of energy Alexander Novak said that the Agency did not discuss the shift operator on the PSA, but proposes to include representatives of Zarubezhneft in the company-operator for the implementation of works on utilization of associated petroleum gas. Novak explained that the process of transfer of equipment and construction of “Globalstroyengineering” which was carrying out works on utilization, the operator of the PSA.