BRUSSELS, March 21 (UPI) -- The European Commission announced it approved of an effort by Total to take a minority stake in the Yamal liquefied natural gas project in Russia.
French supermajor Total announced in October it signed a deal with a Russian energy company Novatek to develop the LNG project on the Yamal Peninsula.
The European Commission announced it approved of Total's acquisition of a 20.5 percent stake in the project in the Russian arctic, state-run news agency RIA Novosti reports.
Total, through the deal, gains access to the 800 million barrels of oil equivalent available in the South Tambey field in the arctic area of the Yamal Peninsula. Resources associated with that field will allow for the production of more than 15 million tons of LNG per year.
Novatek, Russia's largest independent gas production company, said it plans to keep at least a 51 percent stake in the LNG project.
Novatek in a statement said overall investments for Yamal LNG are estimated at $20 billion.