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New investments in Kharyaga project

The Kharyaga oil field (BarentsObserver.com)

French oil company will invest about 800 million USD in the further development of the Kharyaga field. Among the investment objects is a 300-person housing complex for workers.

Location

Operator company Total will invest 800 million USD in new industrial facilities and in an extended drilling programme in the field located in the Nenets Autonomous Okrug, Dvinainform.ru reports. The field, one of three Russian fields developed in line with a production sharing agreement, is controlled by Total (50%), StatoilHydro (40%) and the Nenets Oil Company (10%).

Among the objects will be a new housing complex for 300 workers.

The Russian government this week approved the joint venture’s 2009 project budget which has a 403.6 million USD frame, Regnum reports. The Kharyaga field has overall oil reserves estimated to 160 million tons. The field is located on the oil-rich Nenets tundra.