London-French majors Total and GDF Suez have signed a heads of agreement to take a 25% stake in the Lukoil-operated Khvalynskoye natural gas field in the Caspian Sea, and plan to invest some $1 billion to help develop it. Under terms of the agreement, Total and GDF Suez will take a combined 25% stake in the field-17% for Total and 8% for GDF Suez-from Kazakhstan's state-owned KazMu-naiGaz, whose stake is reduced to 25%. The Khvalynskoye field is on the border between Kazakhstan and Russia.
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