France’s Total looks to sink billions in Russian oil

16th November 2004, Comments 0 comments

MOSCOW, Nov 16 (AFP) - The French oil group Total is prepared to invest USD 4.7 billion to develop Russia's Vankor oil field and to acquire 60 percent of the project, officials in the northern Russian autonomous region of Taymyr said Tuesday.

MOSCOW, Nov 16 (AFP) - The French oil group Total is prepared to invest USD 4.7 billion to develop Russia's Vankor oil field and to acquire 60 percent of the project, officials in the northern Russian autonomous region of Taymyr said Tuesday.

The head of Total Russia, Jean-Pierre Dolla, had expressed interest in the project during a meeting with Taymyr governor Oleg Budarguine, regional authorities reported.

Dolla said negotiations were under way with the Russian oil group Rosneft, which currently manages the field, on possible avenues of cooperation.

Total is in particular interested in acquiring Taymyrneft, which holds some of the licenses at the facility, located in a area with an extreme climate that is far from major infrastructure.

Rosneft therefore plans to build a pipeline to the Atlantic Ocean and has announced its interest in foreign financial backing.

Vankor has reserves of 125 million tonnes of crude and 75 billion square meters of gas.

© AFP

Subject: French News

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