The French oil major has adjusted its prognosis for the Kharaga field, the company’s asset in the north Russian Timan Pechora province. According to chief geologist Renaud Gauchet, peak oil will be only two million barrels per year, down 38 percent from the originally planned 3,2 million barrels. Similarly, peak oil will be reached only in 2017-2018, and not as planned in 2013, Oilru.com reports.
Mr. Gauchet admits that the original plans had been “too ambitious”, Reuters reports.
Read also: Total invests another $400 in Kharayga
The Total representative spoke at an energy conference on Monday.
The Kharyaga project is operated in line with a Production Sharing Agreement. The partners in the project are Total (40%), Statoil (30%), Zarubezhneft (20%) and the Nenets Oil Company (10%).
In 2012, the Kharyaga project will produce an estimated 1,5 million barrels.
