07-09-08 Russia's Energy Ministry has approved the transfer of a 20 % stake in the Kharyaga PSA project in northern Russia to oil and gas firm Zarubezhneft, a deputy minister announced.
"All departments have said they do not object. We give our approval for Zarubezhneft to hold talks with the operator [France's Total]," Stanislav Svetlitsky said.

The official said Zarubezhneft, the country's leading foreign trade company in the oil and gas sector, could launch commercial talks with Total after obtaining approval from the government.
The Kharyaga oil field's reserves, estimated at 160.4 mm tons (1.2 bn bbl), have been developed under a 29-year PSA that was signed in 1995 and came into effect in 1999. Total owns 50 % of the project; Norsk Hydro 40 %, and the Nenets Oil Company, controlled by the regional government, the remaining 10 %.

Since it was set up in 1967, state-run Zarubezhneft has been involved in oil and gas exploration and production projects abroad, the construction of oil field facilities and arrangements for the supply of equipment and materials to oil fields.