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Total expands presence in Yamal LNG

Oct. 7, 2011 at 9:04 AM

PARIS, Oct. 7 (UPI) -- French supermajor Total announced it signed a deal with a Russian energy country to develop a liquefied natural gas project on the Yamal Peninsula.

Total becomes a partner with Russian energy company Novatek through a 20 percent stake in the Yamal LNG project.

Yves-Louis Darricarrere, president of Total's exploration and production division, said the collaboration was a win-win scenario for the gas liquefaction project.

"Total is very pleased to be given this opportunity to be pioneers in an untapped region," he added in a statement announcing the deal.

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, aims to keep at least a 51 percent stake in the LNG project.

Total, in March, announced that it was buying a 12 percent stake in Novatek in a deal that included work in Russia's arctic.

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