Total transfers 20% interest and operatorship of Kharyaga to Zarubezhneft

Total and Zarubezhneft have agreed to adjust their participation in the Kharyaga production sharing agreement (PSA) whereby Total will transfer a 20% interest together with operatorship to Zarubezhneft. Following the completion of the transaction, Total will retain a 20% interest in Kharyaga alongside Zarubezhneft (40%, operator), Statoil (30%), and Nenets Oil Co. (10%). The transaction is subject to the approval of the Russian authorities.

The Kharyaga PSA involves the development of objects 2 and 3 of the Kharyaga oil field in the Nenets Autonomous District, with production of 30,000 barrels of oil per day. The project features complex geology, heterogeneous carbonate reservoirs, waxy oil, and a high content of hydrogen sulfide in associated gas. Since its startup in 1999, the project has produced a cumulative 15 million tonnes of oil and generated $3 billion for Russia.

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