The beginning of production is expected in 2015 with a production level about 65 000 barrels of oil equivalent per day.
Commenting the decision, Michael Borrell, Senior Vice-President for Continental Europe and Central Asia, Total Exploration & Production, highlighted: “Joint studies and operations performed since mid 2010 have allowed to take the FID as planned initially. This is an important milestone in the practical implementation the cooperation strategy of Novatek and Total.”
The Termokarstovoye field was discovered in 1986 and is situated onshore in the Krasnoselkup area of the Yamal Nenets autonomous district of Russian Federation, 250 km to the East of the town of Tarko-Sale.
The field reserves АВС1+С2 are estimated at 47.3 billion cubic meters of natural gas and 10.3 million tons of liquid hydrocarbons. The exploration and production license for the Termokarstovoye gas condensate field is held by ZAO Terneftegas, joint venture of OAO Novatek (51%) and Total (49%).