Novatek consolidating 100% of Terneftegaz after buying 49% from TotalEnergies

MOSCOW. Aug 26 (Interfax) - Novatek is consolidating 100% of the Terneftegaz joint venture after buying a 49% stake from France's TotalEnergies , the companies said.

TotalEnergies said it was selling its stake on economic terms enabling it to recover outstanding amounts invested in the field.

Russian authorities consented to the proposed sale on August 25. As a result, on August 26, 2022, TotalEnergies and Novatek signed the final sale and purchase agreement of TotalEnergies' 49% interest in Terneftegaz. Closing is expected in September 2022, subject to customary conditions.

The JV put the Termokarstovoye gas condensate field in the Krasnoselkup district on stream in 2010. It raised gas production 5% to 2.622 billion cubic meters and liquids production 27% to 754,000 tonnes in 2021.