Total, Europe's third-largest oil company, is looking to substantially boost its oil output in Russia, the world's largest energy producer, relying on projects in the Arctic Circle to increase its production to 300,000 to 400,000 barrels per day by 2020.
France-based Total is working on five exploration and production projects with Russian partners, according to Bloomberg News. In March, Total (TOT) acquired almost 12.1% of Russia's OAO Novatek to boost its exposure to the Yamal liquefied natural gas project.
Novatek and Total are also working together at the Termokarstovoye field, which may hold more than 47 billion cubic meters of gas and 10 million metric tons of condensate, Bloomberg reported. Total has been doing business in Russia since 1989 and the company is also the operator of the Kharyaga field located in the Nenets Autonomous Region with a 40% interest, according to a statement issued by Total.
That field produces about 30,000 barrels of high sulfur crude per day, according to Bloomberg. The Russian area of the Arctic Circle is believed to be one of the world's largest untapped oil discoveries.