Total & Rosneft Team Up in the Russian Black Sea

Total and Rosneft have signed a joint venture agreement to explore and develop the Tuapse Depression in the Black Sea. This 12,000 square kilometer area is located a few kilometers offshore Russia, and water depths range from 500 to 2,000 meters. Rosneft was awarded the exploration license for the area in August 2003. In line with the agreements signed by Total and Rosneft, the license is to be transferred to a joint venture equally owned by the two companies.

Phase 1 will comprise a 2D seismic survey, a 3D seismic survey and a well.

Total's acquisition of an interest in the Tuapse Depression is in line with the company's strategy of expanding deep offshore holdings worldwide and strengthening its presence in projects in Russia. The Group recently brought on stream Phase 2 of the Kharyaga development, which will lift the Russian field's oil output to 30,000 barrels per day.