Total In Siberian Deal - Potential For 240,000 Barrels Per Day

TotalFinaElf and the Anglo Siberian Oil Company have signed an agreement giving TotalFinaElf a fifty two percent stake and the operation management of a field in northern Siberia. The company has also taken an option to acquire a sixty percent stake in the neighboring Vankor North field, currently totally owned by Anglo Siberian. Financial details were not disclosed on the deal.

The Vankor field is estimated to hold approximately nine hundred million barrels of recoverable oil reserves and two trillion cubic feet of natural gas, Anglo Siberian says. Production from Vankor could reach about 240,000 barrels a day sometime between 2007 and 2010 and will cost an estimated two and a half billion dollars to develop.

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