French oil major TotalEnergies has secured approval from Russian authorities to finalize a deal that will see Novatek consolidate its 100% ownership of Terneftegaz after previously holding a 49% stake. The agreement places Terneftegaz under full control of Novatek, while TotalEnergies stands to recover investments that have not yet yielded returns. The transaction is anticipated to close in September, though the parties have not disclosed the final price. [citation: corporate communications, 2024]
Terneftegaz operates within the Termokarstovoye gas field, a project that has been under development since 2015. In recent months, production at the field rose by about 5% year over year, reaching approximately 2.6 billion cubic meters of gas. Liquid hydrocarbon output also climbed, increasing by around 27% to roughly 754 thousand tons, reflecting rising activity and strategic investments in gas-focused development. [citation: industry analytics, 2024]
Meanwhile, early July reports from Kommersant noted that Zarubezhneft could acquire a 20% stake in the Kharyaginskoye oil field from TotalEnergies as the French company scales back its activities in Russia. This potential transaction signals a broader realignment of asset ownership within the region, as TotalEnergies reassesses its Russian portfolio amid evolving market and regulatory conditions. [citation: market briefings, 2024]
Overall, the reshuffling underscores ongoing consolidation trends in Russia’s energy sector, with Novatek reinforcing its stake in key gas resources through Terneftegaz and TotalEnergies recalibrating its exposure to Russian assets. The Terneftegaz project remains a strategically important program tied to the Termokarstovoye field, where sustained output and capacity expansions are expected to support near-term gas supply ambitions. Analysts will monitor the final deal price and the precise terms of the consolidation to gauge implications for project economics, regional energy strategy, and the broader interplay between foreign investment and domestic ownership rules in the evolving Russian oil and gas landscape. [citation: energy market reviews, 2024]