Total (TOT) and GdF-Suez recently signed a Heads of Agreement (HOA) partnering with KazMunaiGas (KMG), Kazakhstan’s state oil company, for the development of the Khvalynskoye field. Following the agreement, Total and GdF-Suez are holders of 25% interest (Total 17%, GdF-Suez 8%) in the field, from the initial 50% stake held by KazMunaiGas. Lukoil (operator) is the owner of the remaining 50% interest in the project.

Khvalynskoye is a conventional gas condensate field located offshore in the Caspian Sea on the border between Kazakhstan and Russia. The gas produced from this field will be transported to Russia.

Through this agreement Total increased its presence in Kazakhstan (especially Caspian Sea) – a region that is expected to play an important role in counterbalancing Organization of Petroleum Exporting Countries’ (OPEC’s) dominance of world oil markets in the coming two decades. The company is already a partner of KMG developing Kazakhstan’s giant Kashagan field, which is expected to be onstream in 2012. Total also has an interest in the British Petroleum (BP)-led Shah Deniz gas project in the Caspian Sea. At present, a second phase of development is under study.

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