Russia's Lukoil, France's Total Agree to Tap Tight Oil in Siberia



Reuters

ST PETERSBURG, Russia, May 23 (Reuters) – Russia's No.2 oil producer, Lukoil, and France's Total agreed on Friday to set up a joint venture to tap vast tight oil reserves in Siberia.

The companies signed the deal on the sidelines of the St Petersburg International Economic Forum. Vagit Alekperov, the head of Lukoil, said the venture with Total would develop fields with around 500 million barrels of reserves.

(Reporting by Dmitry Zhdannikov, Writing by Vladimir Soldatkin, Editing by Timothy Heritage)



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