TotalFinaElf Acquires 52% of Siberian Oilfield

TotalFinaElf and Anglo Siberian Oil Company have signed an agreement giving TotalFinaElf a 52% stake and the operatorship of the Vankor field in northern Siberia. The company has also taken an option to acquire a 60% stake in the neighboring Vankor North field, currently 100% owned by Anglo Siberian. Financial details weren't disclosed.

The Vankor field is estimated to hold approximately 900 million barrels of recoverable oil reserves and 2 trillion cubic feet of natural gas, Anglo Siberian says. Production from Vankor could reach about 240,000 barrels a day sometime between 2007 and 2010 and will cost an estimated $2.5 billion to develop.