User:Ideasource417

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Russian producer Lukoil is believed to be considering building its own pipeline to carry crude from the Kharyaga field to the Varandey terminal. Lukoil had planned to use a pipeline operated by state-run Transneft. However, a report published in Moscow-based financial daily Kommersant said that the producer decided against this. Kommersant reported that the move may have been spurred, in part, by the fact that the lighter oil from Kharyaga would have been blended with high-sulphur crude in the Transneft pipe, affecting its quality. The paper added that it is believed a private pipeline will save Lukoil about $135 million.The planned link would span 160 kilometres and be able to carry about 63 million barrels of oil per year.

LUKoil finally gets approval to join Total in Kharyaga development; Russia's largest oil firm LUKOIL said it had finally obtained a 20 % stake in a northern field from TotalFinaElf and Norway's Norsk Hydro after a year-long row with local authorities. LUKOIL had agreed with Total and Norsk Hydro that it would join their project to develop Russia's remote northern Kharyaga oil deposit two years ago and obtained approval from the Russian government last November. But the deal was put on hold by local authorities, whose approval is also needed under Russian legislation. LUKOIL said the governor of the Yamal-Nenets region finally signed the deal. "We are deeply satisfied by improving cooperation between LUKOIL and the administration... and are confident the signing of the deal will give a new impulse to the Timan-Pechora oil province development.

TotalFinaElf and Norsk Hydro, holding 50 % and 40 % respectively in Kharyaga oil deposit, each earlier agreed to sell 10 % of their holdings to LUKOIL. The Kharyaga production sharing agreement (PSA), is one of Russia's few successful oil projects with foreign investors. The field's recoverable reserves are estimated at 97 mm tons of oil (710 mm barrels). According to company representative Pierre Nergararyan, Total now starts implementing the third field development phase, which will allow the company to increase extraction from todays 20,000 barrels to 30,000 barrels per day. A total of 20 wells will be drilled. Mr. Nergararyan says Total by year 2010 intends to sell parts of the surplus gas from the field to Russian oil major Lukoil. The Kharyaga field is one of three Russian fields operated on a production sharing agreement. The project is run by Total (50%) in partnership with StatoilHydro (40%) and the Nenets Oil Company (10%).