Oil giant Total said it has agreed with Zarubezhneft to adjust its participation in the Kharyaga Production Sharing Agreement.
The French company will transfer a 20% interest in Kharyaga together with operatorship.
The move will see Total retain another 20% share in Kharyaga alongside Zarubezhneft with a 40% share, Statoil with a 30% share and Nenets Oil Company with a 10% stake.
Arnaud Breuillac, president of Total’s Exploration and 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.
“This transfer represents a new stage in the life of Kharyaga. A more substantial role for Zarubezhneft alongside our continued involvement will allow us to extract maximum value from Kharyaga for many years to come.”
Earlier this month Total said it expected a 20% drop in its results from 2015.
Chief executive Patrick Pouyanne said despite the challenges the industry currently faced, he had no plans to reduce the company’s current headcount.
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