2009-08-19-2007-08-01-2007-08-01

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Sellers
Buyers
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0MM
Description

Development agreement

Total SA, Paris, (NYSE: TOT) has entered an agreement to develop Shtokman Field with Gazprom, Moscow, (Russia: GAZP) for an undisclosed price. The field is in the central part of the Russian portion of the Barents Sea. С1 and С2 reserves are estimated to be 3.7 billion cubic meters of gas and more than 31 million tons of gas condensate. Total will acquire 25% in the exploitation program, which it will turn back over to Gazprom once the program is complete. The agreement also allows other international partners to enter with a cumulative involvement of up to 24%. Gazprom retains 100% of the shares of Sevmorneftegaz, the company holding the license for Shtokman Field. After initial development, the field is expected to produce 23.7 billion cubic meters of gas per year.