Total S.A To Transfer 20% Interest, Operatorship In Khayaga To Zarubezhneft

(RTTNews) - Total S.A. (TOT) Thursday said it has agreed with Zarubezhneft to adjust their participation in the Kharyaga Production Sharing Agreement and to transfer a 20 percent interest together with operatorship to Zarubezhneft.

On completion of the transaction Total will retain a 20 percent interest in Kharyaga, while Zarubezhneft, the operator, will have 40 percent, Statoil 30 percent and Nenets Oil Co. 10 percent. The transaction is subject to the approval of the Russian authorities.

Arnaud Breuillac, President Total Exploration & Production said, "Russia remains a key country for the Group. Total has ambitious plans for the future through its established partnership with Novatek and the ongoing Yamal LNG project."

He said the transfer represents a new stage in the life of Kharyaga.