In April, the Russian Natural Resources Ministry said Total failed to meet its targets under a production-sharing agreement on the development of the Kharyaga deposit in the north of European Russia.
"Rumors that the license was revoked are strongly exaggerated," Vladimir Putin said in comments on whether his negotiations with France's leader in Paris later on Friday would highlight the Kharyaga deposit issue.
But the president said he was ready to answer any questions from the French side.
"We are open for discussing any issues," he said. "We have relations of trust with the French president and we always have open discussions."
Total has been developing the Kharyaga deposit under a production-sharing agreement signed in 1995 that came into force on January 1, 1999.
The Russian ministry said in its statement on the company's performance, "Since the [production-sharing] agreement came into force, the investor has failed to fulfill its main aims of increasing production of crude and introducing new technologies and equipment to provide for effective oil and gas production."
Ministry experts warned that the situation could result in losses for Russia, as the country "will have to continue sending the entire deposit's output to the investor in compensation for his expenses."
Total owns a 50% stake in the project, alongside Norway's Hydro (40%) and Russia's Nenets Oil Company (10%).
