Total transfers functions of operator of Khariaga deposit of Zarubezhneft but doesn’t quit the project

​Total transfers the functions of the operator of the Khariaga deposit of Zarubezhneft but doesn’t quit the project, the CEO of Total, P. Pouyanne, said.

He said that the decision on the sale of a stake in the project is explained by low oil prices. The Khariaga became our first long-term project when we came to Russia 25 years ago, that allowed us to gain the experience of working in the Arctic zone in Russia. In the conditions of low oil prices we need to optimize our assets and focus on the expenditure control. So we transfer the functions of the operator of Zarubezhneft to the experienced Russian company that will be able to more effectively set up the work with the Russian contractors in the region, he said.

He added that Total doesn’t plan to fully quit the project and plans to introduce the company’s experience of understanding the geological structure of the Khariaga and peculiarities of the deposit’s development into the project. I am grateful to the Minister of Energy, A. Novak, who understood our approach and we found a way to reconsider the stakes of participation in the project, he said.