Termokarstovoye field : TotalEnergies to sell 49% stake to Novatek

TotalEnergies has signed a final sale and purchase agreement to divest its 49% stake in Terneftegaz, the operating company of the Termokarstovoye field, a gas and condensate field in Russia, to Novatek.

The financial terms of the deal were not disclosed.

However, last month, TotalEnergies said that the sale is based on economic terms that allows the company to recover the outstanding amounts invested in the Russian gas and condensate field.

The Termokarstovoye field had been producing since May 2015. The gas and condensate field is situated in the Yamalo-Nenets Autonomous Okrug, 230km east of Tarko-Sale, near the Taz River.

According to Novatek, the peak capacity of the Termokarstovoye gas and condensate field is around 2.4 billion cubic meters of natural gas and 0.8 million tons of de-ethanized gas condensate per year.

TotalEnergies to sell 49% stake in Termokarstovoye field to Novatek. Photo courtesy of PAO “NOVATEK”.

Following the deal, Novatek will become the 100% owner of the Termokarstovoye field.

The deal, which is subject to customary conditions, is likely to close in September 2022.

Earlier this month, TotalEnergies completed the sale of its remaining stake of 20% in the Kharyaga oil project in the Nenets Autonomous Territory of Russia to Zarubezhneft.

The two deals are in line with TotalEnergies’ intent to exit from the Russian market following the country’s war with Ukraine.