TotalFinaElf has finalised agreements with BP and Statoil to purchase their respective interests of 9.52% and 4.76% in the North Caspian Sea Production Sharing Agreement, including the Kashagan field, in the Kazakh section of the Caspian Sea.

The first two Kashagan exploratory wells revealed a giant discovery, confirming the northern Caspian Sea’s status as a major oil province. The first well of the appraisal drilling campaign is now underway and several promising exploration prospects remain to be drilled.

In addition to TotalFinaElf (14.28%), BP (9.52%) and Statoil (4.76%), other partners included in the Kashagan production-sharing contract are Eni (14.28%), BG (14.28%), ExxonMobil (14.28%), Shell (14.28%), Inpex (7.14%) and Phillips Petroleum (7.14%). These partners have a preemption right which gives them the option to share, along with TotalFinaElf, a percentage of BP’s and Statoil’s interests.

These agreements will give TotalFinaElf a larger interest in a major discovery and are in line with TotalFinaElf’s strategy in the promising Caspian area where the Group is already a major player and where it intends to strengthens its position, particularly in Kazakhstan.