French oil company Total SA (TOT) Thursday said it agreed to sell a 20% stake in the Kharyaga oil field to Russian state-owned energy company Zarubezhneft as part of a vast program of asset sales plan to boost cashflow in response to the oil price collapse.
Once the transaction is effective, Zarubezhneft will operate the field in Total’s stead, the French company said in a statement. Zarubezhneft would raise its stake to 40%.
Total will keep a 20% stake in the oil field together with Norwegian oil company Statoil (STL.OS) and Nenets Oil Company, which each hold a respective 30% and 10% stake.
The Kharyaga fields are located in Siberia, and Total and its partners currently produce 30,000 barrels of crude a day.
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