Total and Novatek Launch Russian Termokarstovoye Field

French multinational Total has announced that it has finalised the investment decisions needed to launch the Termokarstovoye field together with partner Novatek.

Total expects the start-up of the project to begin in 2015 with a daily production capacity of about 65,000 barrels of oil equivalent expected from the field from launch. It also estimates the total potential gas reserves in the field at 47 billion cubic meters of natural gas and about 10 million tons of condensates.

Total holds a 49 per cent stake in the Termokarstovoye gas and condensate field; Novatek holds the other 51 per cent. The two companies hold the stakes as a joint venture, titled ZAO Terneftegas.

The Termokarstovoye field lies in the Yamal Nenets district of Russia, about 250 kilometres from Tarko-Sale.

The launch of the field furthers Total's current Russian interests. The company has already partnered with Novatek on the Arctic Yamal LNG project, with a 20 per cent stake, and holds stakes in the Shtokman field, the Kharyaga field and the Khvalynskoye field. 

Total also a 14.09 per cent stake of share capital in Novatek.