French oil major Total SA (TOT) is ready to swap international assets to gain access to Russian projects, a company executive said Tuesday.
"We're discussing opening up our international portfolio to our Russian partners," said Arnaud Breuillac, head of Total's exploration and production activities in Central Europe and Continental Asia.
France has in recent years become one of Russia's favorite energy partners. Total holds a 25% stake in the giant Shtokman gas condensate field, which is controlled by state-controlled OAO Gazprom (GAZP.RS).
"This is all about sharing the risk and building partnerships, so we're ready to invest in exploration and production in Russia," said Breuillac. "We have no problem giving access [to international projects]."