Total, KMG partner for Khvalynskoye field development

Total has signed a Heads of Agreement (HOA) with KazMunaiGas (KMG) establishing the principles of a partnership for the development of the Khvalynskoye field in the Caspian Sea.

Offshore staff

PARIS -- Total has signed a Heads of Agreement (HOA) with KazMunaiGas (KMG) establishing the principles of a partnership for the development of the Khvalynskoye field in the Caspian Sea. Under the terms of the HOA, Total and GdF-Suez will acquire 25% (Total 17%, GdF-Suez 8%) from the initial 50% stake held by KMG.

Khvalynskoye is a conventional gas condensate field on the border between Kazakhstan and Russia in water depths of 25 m (82 ft). It will be developed by Lukoil (operator with 50% interest). Gas from the field will be transported to Russia.

10/06/2009

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