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Dec. 16 (Bloomberg) -- Total SA, 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.
--Editors: Alex Devine, Will Kennedy
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