Total Joins Novatek in Russian Gas Project

- October 6th, 2011

Fox Business reported that Total SA (NYSE:TOT) has teamed up with Russia’s Novatek (MCX:NOTK) to develop the Yamal gas liquefaction project.

Fox Business reported that Total SA (NYSE:TOT) has teamed up with Russia’s Novatek (MCX:NOTK) to develop the Yamal gas liquefaction project.

As quoted in the market news:

Total said that the “relevant Russian authorities” approved the project on August 22, which involves the production of at least 15 million metric tons of liquefied natural gas a year. Under the license, Total will have access to proved and probably reserves of about 800 million barrels of oil equivalent a day and a plateau production of about 90,000 barrels a day.

“We will work with Novatek to unlock the Yamal peninsula gas potential using world-class technology and combining the expertise of both companies as we build a liquefied natural gas plant in the area,” he said.

Click here to read the full Fox Business report

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