The contract is the biggest ever in the project, developed on the basis of a production sharing agreement (PSA) together with Statoil, Zarubezhneft and the Nenets Oil Company. The 400 billion investments will be carried out by the company Globalstroy-Engineering over a 26,5 month period, a press release informs.
The Kharyaga field is located in the Nenets Autonomous Okrug, the oil-rich region in the Timan-Pechora oil province. It is one of three in Russia operated on the principle of a PSA.
The contract came into force on March 1, Rusenergy.com reports.
“The signing of this contract is an important step in the development of the third development phase of the Kharyaga project”, the French company informs. It is necessary for the continued production of about 30,000 barrels per day. The overall resources of the field are estimated to 160 million tons.
The Kharyaga PSA came into force in 1999. It includes Total (40%), Statoil (30%), Zarubezhneft (20%) and the Nenets Oil Company (10%).
The project developers will in early 2011 develop additional adjacent resources worth about 10 billion USD, according to Wikipedia.
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