Total, Rosneft to partner in Black Sea

Total and Rosneft have signed a joint venture agreement to explore and develop the Tuapse Depression in the Black Sea, Total said Oct. 7.

The 12,000 square kilometer area is a few kilometers offshore Russia, with water depths ranging from 500 to 2,000 meters. Rosneft received the exploration license for the area in August 2003. The agreement signed by the two companies will transfer the license to a joint venture equally owned by Total and Rosneft.

Phase 1 will comprise a 2-D seismic survey, a 3-D seismic survey and a well.

Total said this acquisition is in line with its strategy of expanding deep offshore holdings worldwide and strengthening its position in projects in Russia.