MOSCOW, November 16 (RIA Novosti) - Lukoil [RTS: LKOH] said Thursday it will be satisfied with a 20% stake in an oil deposit in Russia's Arctic region.
Ravil Maganov, a member of Lukoil board of directors, said the company was still interested in the Kharyaga oil field in northern Russian and was continuing talks with France's Total, the project's operator.
"A 20% stake will suit us, if changes are made to the work procedure of the board of directors," he said, adding that the procedure for major decision-making has to be altered.
Total has been developing the Kharyaga deposit under a production-sharing agreement signed in 1995 that came into force January 1, 1999. Total owns a 50% stake in the project, alongside Norway's Hydro (40%) and Russia's Nenets Oil Company (10%).
