France's Total SA (TOT) has agreed to buy a 49% stake in a unit of Russian gas producer OAO Novatek (NVTK.RS) to jointly develop a gas field on Russia's northern Yamal peninsula, Novatek said in a statement Wednesday.

Earlier Wednesday, the two companies agreed to jointly develop the Termo-Karstovoye field located in Yamal.

Total will buy a stake in Terneftegas LLC, a wholly-owned subsidiary of Novatek, which holds the license for the Termo-Karstovoye field, Novatek said without giving details about the price.

Under the deal, the two companies have two years to complete exploration works and prepare a field development plan. A final investment decision will be taken in 2011.

The field holds reserves of 47.3 billion cubic meters of gas and 10.3 million tons of gas condensate under Russian ABC1+C2 classification.

Company Web site: www.novatek.ru

-By Jacob Gronholt-Pedersen, Dow Jones Newswires; +7 495 937 8445; jacob.pedersen@dowjones.com