Russian natural gas producer Novatek (NVTK.RS) and French oil and gas company Total SA (TOT) have created a joint venture for exploration and development of the Termokarstovoye gas condensate field in the Yamal-Nenets Autonomous Region, Russia's Arctic region, Novatek said Thursday.
Total's share in Novatek's subsidiary, which holds the exploration and production license for the field, will increase to a total of 49% by the end of 2010, Novatek said.
The deal has been approved by Russia's Antimonopoly Service.
The Termokarstovoye field's reserves are estimated at 396.8 million barrels of oil equivalent, consisting of 47.3 billion cubic meters of natural gas and 10.3 million tons of liquid hydrocarbons according to Russian reserve classification.