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RIA Novosti: Russia’s 2006 profit share at Kharyaga PSA set at $107 mln

MOSCOW, April 9 (RIA Novosti) – Russia’s share of profit from a Total-led oil project in the northern Russia Kharyaga oilfield in 2006 has been established at $107 million, the Industry and Energy Ministry said Monday.

State revenues from the operation of the Kharyaga oilfield, in Russia’s Yamal-Nenets autonomy, which the French energy giant is developing under a production-sharing agreement (PSA) with the Russian government, have been set at $169.1 million, thus substantially exceeding its amount of investment in the project.

A joint committee on the Kharyaga PSA set operator’s reimbursable costs at over $119 million.

Total holds a controlling 50% stake in a consortium set up to run the Kharyaga project, which also includes Norway’s Hydro (40%) and the Nenets Oil Company (10%), controlled by the regional government.

The Kharyaga field, with total reserves of 160.4 million metric tons, is one of three production-sharing agreements in Russia. The other two are Sakhalin I and Sakhalin II.

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