TOTAL & ZARUBEZHNEFT DEAL
ZARUBEZHNEFT published, Total E&P Russie, a 100% affiliate of Total group, has transferred a 20% participating interest in and the operatorship of the Production Sharing Agreement for the Development and Production of Oil in the Kharyaga Field (Kharyaga PSA) to Zarubezhneft-Production Kharyaga LLC, a subsidiary of Zarubezhneft JSC.
Pursuant to Amendment No. 3 to the Kharyaga PSA signed by representatives of the State and investors, the split of participating interests as of August 1, 2016 is as follows: 20% each for Zarubezhneft JSC and Zarubezhneft-Production Kharyaga LLC (operator), 30% for Statoil Sverige Kharyaga AB, 20% for Total E&P Russie, and 10% for the Nenets Oil Company JSC.
About Kharyaga PSA
The Kharyaga PSA came into force on January 1, 1999 for a 20 years period with possible extension by 13 years on the same terms. Together with the investors, the party to the Agreement is the State, represented by the RF Ministry of Energy and the Administration of the Nenets Autonomous District.
The Kharyaga PSA involves the development of objects 2 and 3 of the Kharyaga oil field in the Nenets Autonomous District.
The project is technically challenging, with complex geology, heterogeneous carbonate reservoirs, waxy oil and a high content of H2S in associated gas.
The production rate is 1.5 million tons per year. Since its start up in 1999, the project has safely produced a cumulative 17.4 million tons of oil. The total amount of revenues from the Kharyaga PSA for the budget of the Russian Federation is more than $3 billion.
|July, 16, 11:05:00|
|July, 16, 11:00:00|
|July, 16, 10:55:00|
|July, 16, 10:50:00|
|July, 16, 10:45:00|
|July, 16, 10:40:00|
AN - China National Offshore Oil Corp. (CNOOC) is willing to invest $3 billion in its existing oil and gas operation in Nigeria, the Nigerian National Petroleum Corporation (NNPC) said on Sunday following a meeting with the Chinese in Abuja.
REUTERS - Production at Libya’s giant Sharara oil field was expected to fall by at least 160,000 barrels per day (bpd) on Saturday after two staff were abducted in an attack by an unknown group, the National Oil Corporation (NOC) said.
IMF - Output grew by 3.8 percent in 2017, underpinned by a resilient non-hydrocarbon sector, with robust implementation of GCC-funded projects as well as strong activity in the financial, hospitality, and education sectors. The banking system remains stable with large capital buffers. Growth is projected to decelerate over the medium term.
IMF - Higher oil prices and short-term portfolio inflows have provided relief from external and fiscal pressures but the recovery remains challenging. Inflation declined to its lowest level in more than two years. Real GDP expanded by 2 percent in the first quarter of 2018 compared to the first quarter of last year. However, activity in the non-oil non-agricultural sector remains weak as lower purchasing power weighs on consumer demand and as credit risk continues to limit bank lending.