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 volume 7, issue #22 - Wednesday, November 13, 2002

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LUKoil finally gets approval for Kharyaga field development

25-10-02 Two years ago LUKoil agreed to assist TotalFinaElf and Norsk Hydro in developing the field in exchange for a 10 % stake from each company. LUKoil has, after much dispute with local authorities, finally been granted a 20 % interest in the Kharyaga field in northern Russia.
Partnership in the field will now be TotalFinaElf with 40 %; Norsk Hydro with 30 % and LUKoil with the remaining 20 %.

Approval was finally received from the Russian government last November, however, the deal was put on hold by the local authorities, whose approval is also needed.
The governor of the Yamal-Nenets region has finally signed-off on the deal. The Kharyaga production sharing agreement was signed in 1995 and produces 30,000 bpd. The field's recoverable reserves are estimated at 710 mm barrels.

Source: Neftegaz.RU



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