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France's Total buys into Kazakh oil field
PARIS
Petroleumworld.com, Mar 18, 2010French energy major Total has bought a 50-percent stake in an oil field licence in northwest Kazakhstan held by Polish firm Petrolinvest for an undisclosed sum, Total said in a statement on Wednesday."The acquisition ... allows the group to deploy its deep drilling experience as an operator in Kazakhstan in a region with promising potential," Total's head of exploration and production, Yves-Louis Darricarrere, said.
The licence covers an area of 5,500 square kilometres (2,124 square miles).
Pawel Gricuk, head of Petrolinvest's management board, said in a separate statement: "Our partnership with an international corporation as experienced as Total confirms that the potential of the OTG concession is very large."
OilTechnoGroup (OTG) is the Kazakh subsidiary of Petrolinvest.
The deal is subject to regulatory approval in Kazakhstan, a resource-rich former Soviet republic in Central Asia between Russia and China.
Story from AFP
AFP 03/17/2010 14:11
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