Total Says Weighing Impact of New Russia Sanctions

France's Total said on Monday it was assessing the consequences of the new set of sanctions on Russia, but that it was continuing work on Russian projects as planned.

 

On Friday, the United States imposed sanctions on Gazprom , Gazprom Neft, Lukoil, Surgutneftegas and Rosneft, banning Western firms from supporting their activities in exploration or production from deep water, Arctic offshore or shale projects.

 

Lukoil was planning to drill for tight oil in Siberia with Total. Total is also developing the $27 billion Yamal liquefied natural gas project with Russia's second-largest natural gas producer, Novatek, and China's CNPC. The first production unit, with annual capacity of 5.5 million tonnes, is due to be launched in 2017.

 

"For the time being the work on our projects continues as planned. We have not stopped our operations on the Yamal project," the company said in an emailed statement

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