France's Total Gets Rights to Explore Russian Shale Oil

Article title
Total secures the rights to explore shale oil blocks in West Siberia, according to an official.

Reuters

MOSCOW, April 3 (Reuters) – French oil major Total has secured the rights to explore three hard-to-recover oil blocks in West Siberia, according to a statement on the website of the Russian region's governor.

Total will join other majors, ExxonMobil, Statoil and Royal Dutch Shell, to develop Russian shale oil, a key driver in Moscow's efforts to at least maintain its oil output at more than 10 million barrels per day.

A spokeswoman for Total in Moscow declined immediate comment.

Total has long eyed Russian shale oil, the world's largest by estimated resources. The U.S. Energy Information Administration puts the possible resources at 75 billion barrels, more than the 58 billion barrels held by the United States, current leader in shale oil production.

Interfax news agency, citing a local subsoil watchdog, said that a subsidiary of Total had received the licenses for the Vostochno-Kovensky, Tashinsky and Lyaminsky-3 blocks in Khanty-Manssiisk district, Russia's main oil producing region.

Total has also signed a memorandum to develop shale oil in Russia with Russia's No.2 oil producer Lukoil.

(Reporting by Vladimir Soldatkin, editing by Elizabeth Piper)

Copyright 2017 Thomson Reuters. Click for Restrictions.

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE



Most Popular Articles

From the Career Center
Jobs that may interest you
Account Manager - Levelland/Lubbock, TX Area
Expertise: Business Development|Production Operator
Location: Lubbock, tx
 
Account Manager - Levelland/Lubbock, TX Area
Expertise: Business Development|Production Operator
Location: Lubbock, tx
 
Project Coordinator, Pipeline Construction
Expertise: Project Management
Location: Spring, TX
 
search for more jobs

Brent Crude Oil : $50.64/BBL 0.62%
Light Crude Oil : $48.04/BBL 1.47%
Natural Gas : $3.01/MMBtu 2.58%
Updated in last 24 hours