Total, Lukoil in Talks to Develop Foreign Projects

MOSCOW (Dow Jones Newswires), Sept. 7, 2009

French oil major Total SA and Russia's biggest private oil producer Lukoil Holdings are considering joint exploration projects in Kazakhstan, Colombia and western Africa, Lukoil said Monday.

"We have talks with Total about certain projects in Kazakhstan, Columbia and also in Ghana and Ivory Coast," a Lukoil spokesman said.

The two companies may cooperate on development of the Khvalynskoye offshore field in the Caspian Sea, for which Lukoil holds the license, he said.

Total and Lukoil may also join forces in Colombia, where both companies hold blocks located close to each other, and in Ghana and Ivory Coast, where Lukoil recently started exploration drilling at one of four offshore blocks.

A Total spokesperson declined to comment.

Total and Lukoil already work together on Azerbaijan's Shah Deniz development, in which both companies hold a 10% stake.

In June, Lukoil agreed to buy a 45% stake in Dutch refinery Total Raffinaderij Nederland, or TRN, from Total for $600 million.  

Copyright (c) 2009 Dow Jones & Company, Inc.

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