Total and Rosneft discuss to develop Shatsky Ridge oil deposite

November 10, 2011

French energy giant Total and Russia's largest state-run oil company Rosneft are discussing a joint project to develop the Shatsky Ridge oil deposit off Russia's Black Sea coast, Total head Christophe de Margerie said on Wednesday, November 9.

"We are discussing various options for geological exploration cooperation with Rosneft, including the Shatsky Ridge project," Margerie said.

It was earlier reported that Rosneft was negotiating the Shatsky Ridge project with U.S. oil giant ExxonMobil and Italy's Eni.

The Shatsky Ridge covers an area of 8,600 square kilometers and is located in the eastern part of the Black Sea. The field's expected resources amount to 860 million metric tons of oil by international classification.

De Margerie also said Total was not planning to give up its participation in the giant Shtokman offshore gas field in the Arctic in favor of the Yamal liquefied gas project in northwest Siberia.

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