Total eyes Yamal slice

"We won't be the majority owner, because Novatek is keeping more than 50%. But in this case 25% is a sufficient share to effectively fulfil the role of a shareholder," de Margerie told Russian business daily Vedomosti .

Yesterday Novatek said it was looking to sell a 49% in the LNG project to several foreign partners.

Total also holds a 25% slice of the Gazprom-led company which will develop Russia's giant Shtokman gas field.

Other international companies, including Shell, have also expressed interest in partnering Novatek at Yamal, where Novatek owns licences to large natural gas reserves.

Novatek bought into Yamal LNG last year, when it bought 51% of the company which holds the right to develop Yamal's South Tambeyskoye fields, which host resources estimated at 1.3 trillion cubic metres.

It is not yet clear, however, if Novatek will receive the remaining 49% in Yamal LNG that it wants to sell to foreign players.

The company has an option to buy a 24% holding in the venture held by Volga Resources. This option must be exercised within the next three years.

The remaining 25% is owned by Pyotr Kolbin, a shareholder in oil trading company Surgutex.