RIA Novosti cited Mr Pierre Nerguararian CEO of Total E&P Russia as saying that the French oil company Total has received approval from a Russian regulator to purchase a 49% stake in the operator of a gas condensate field in northwest Russia.

He said that "The talks on this project are at the concluding stage."

On June 24th Total and Novatek signed an agreement under which Total will get an almost 50% stake in the project for the development of the Thermokarst gas field on Yamal Peninsula. The field's reserves are estimated at 47.3 billion cubic meters of natural gas and 10.3 million tonnes of gas condensate.

The field is operated by Terneftegaz a subsidiary of Russian independent gas producer Novatek. Novatek and Total will hold additional talks on the Thermokarst gas condensate field survey and development with a view to launch the project in 2011.

(Sourced from RIA Novosti)