Total-Rosneft JV»

The Kazakh KazMunayGaz national oil and gas company is planning to complete negotiations with Total on the French company's involvement in the development of the Kurmangazy (oil) deposit on the Caspian shelf.

Kazakhstan and Russia already agreed on the joint development of the Kurmangazy deposit in the spring of 2002, with Russia's Rosneft now owning 50%.

At present, the Kazakh side is conducting negotiations on the possible concession of a part of its stake (according to some reports - up to 50 per cent) in the project of developing Kurmangazy to the French company Total. In this case, Total will have to fund 50 per cent of all costs of the geological prospecting of this deposit and Rosneft will fund the rest.

According to preliminary estimates, about 10bn dollars will need to be invested to fully develop the deposit.