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. Last Updated: 07/27/2016

Total Signs PSA

MOSCOW -- France oil giant Total signed a production-sharing agreement with Russia on Friday to drill at the Kharyaga oil field in the Nenets autonomous district, Interfax reported.

The pact, effective from Jan. 1, was initially agreed upon in December 1995 but the accord was held up by the Russian parliament's failure to ratify a PSA law.

Total owns a 55 percent stake in the Kharyaga project, while Norway's Norsk Hydro owns 45 percent. The companies are negotiating the transfer of a 10 percent stake to Nenets, Interfax said.