Total has confirmed a joint venture with Lukoil to develop the tight oil potential of the Bazhenov play in Western Siberia.
Lukoil holds the majority share of 51% with Total retaining the remaining 49%.
Total chief executive Christophe de Margerie said: “Total’s entry into the Bazhenov play, one of the world’s largest shale oil formations, reinforces our position in non-conventional hydrocarbons where the Group has developed significant experience with its numerous projects.
“Our international expertise leveraged with Lukoil’s experience in the region provides a balanced partnership and an excellent basis from which to appraise the huge potential of this Western Siberian play.”
Exploration will include assessing the feasibility of developing the site’s tight oil potential. Seismic acquisition will start in 2014 and exploration drilling will begin in 2015.
This is the latest addition to Total’s Russian portfolio. The firm has been operating in the area for more than two decades. Its equity production in 2013 was 207,000 barrels of oil equivalent per day.
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