Zarubezhneft gets stake in Kharyaga

The Kharyaga oil field (

The Russian state-owned oil company Zarubezhneft will in few weeks join Total and StatoilHydro in the Kharyaga oil field in the Nenets Autonomous Okrug, the field operators confirm.


The issue of Zarubezhneft’s entry into the project of Kharyaga has practically decided. This is a question of few weeks, General Director of French oil company Russia branch, Pierre Nergararian, said in a press conference in Moscow, Gazeta reports.

From before, the project is managed on basis of a product-sharing agreement between French Total (50%), Norwegian StatoilHydro (40%) and the Nenets Oil Company (10%).

According to the Russian Ministry of Energy’s decision accepted in fall 2008, the French and Norwegian companies have to assign 10 percent respectively to Zarubezhneft.

After the governmental decision, the company can now open commercial negotiations with Kharyaga operator Total, Deputy Minister of Energy Stanislav Svetlitsky informed journalists late last year. The deputy minister refused to reveal the price for the stake. A fair price would be about 60-80 million USD, analyst of the Solid investment company Denis Borisov considers. However, it is practically impossible to estimate the real price of the share for Zarubezhneft because we speak about a product sharing agreement, he notes.

It was earlier believed that Lukoil, and not Zarubezhneft, would get the 20 percent stake in the Kharyaga project. However Vice Prime Minister Igor Sechin wanted it otherwise and insisted that Zarubezhneft should get the stake.

Lukoil agreed to concede the option only last December. Apparently, Lukoil rejection removed last obstacles in Zarubezhneft’s way to Kharyaga.

BarentsObserver Naryan-Mar