Novatek and Total Termokarstovoye B.V., an affiliate of Total SA, have closed the transaction for the establishment of a joint venture for exploration and development of the Termokarstovoye gas condensate field in the Yamal-Nenets Autonomous Region.
The exploration and production license for the Field is currently held by ZAO Terneftegas ("Terneftagas"), Novatek's wholly-owned subsidiary. Total's share in Terneftegas will increase to a total of 49% by the end of 2010. A Final Investment Decision will be made in late 2011 upon the successful completion of the first stage of the project.
The Termokarstovoye field's reserves are estimated at 396.8 million barrels of oil equivalent (47.3 billion cubic meters of natural gas and 10.3 million tons of liquid hydrocarbons) according to Russian reserve classification ABC1 + C2 as at December 31, 2008.
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