Moscow. Russia's federal service for the use of natural resources recommended an early withdrawal of a license from Terneftegaz, a joint venture between France's Total and Russia's independent gas producer Novatek, which manages the Termokarstovoye oil and gas deposit, the service said on Monday.
The service has sent the results of its Terneftegaz inspection to the Federal Agency for Subsoil Usage, it said in a statement.
The two companies have not yet commented.
Novatek owns 72 percent of Terneftegaz shares. Total's part in Terneftegaz will increase to 49 percent by yearend. The companies are to decide on the final investment volume before the end of 2011, when the first phase of the project is completed. Preliminary investments are estimated at about $1 billion.
Termokarstovoye oil and gas deposit's ABC1+C2 reserves are estimated at 396.8 million barrels of oil, 47.3 billion cubic meters of natural gas and 10.3 million tons of liquid hydrocarbons as of December 31, 2008, according to Russian classification.
Related information
- GE Expands Relationship with Smart Grid Company SynapSense Through Investment, Partnership to Cut Data Center Power and Cooling Costs
- President Barack Obama, fighting to stay ahead of the political storm over the Gulf oil spill, is ex
- Reportlinker Adds Oil and Chemicals Storage Industry Outlook in North America to 2015 - Capacity Analysis, Forecasts and Details of All Operating and Planned Storage Terminals
- South African oil firms to get piece of the action in Republic of Congo reserves
- Brinx Resources and Partners to Complete Another New Discovery Well at the Oklahoma Project
- American Petro Hunter discovers oil reservoir at Rooney Project-Kansas
