Total can come back to joint venture with Lukoil in the next three years

Total has an agreement with Lukoil, which allows it to come back to a joint venture for the Bazhenov Formation on certain conditions in the next three years, if the sanctions are no longer stand in the way. This was reported to the Vedomosti by general director of Total in Russia Jacques de Buassezon.

A representative of Lukoil confirmed this. The period, during which Total will have the right to return, if necessary, may be extended, he said. The fact that Total will be able to return to the project after the lifting of the sanctions was earlier reported by president of Lukoil Vagit Alekperov, but he didn’t specify any details.

The agreement on establishment of the joint venture for geological exploration and development of difficult oil reserves of the Bazhenov Formation was signed by Lukoil and Total in May last year. The share of the Total participation was to be 49%, and Lukoil’s one - 51%. The joint venture was to evaluate the technical feasibility of the development at four licensed areas in the Khanty-Mansiysk autonomous district. Total was going to include three of them in the joint venture – the Lyaminsky-3, East Kovensky and Tashinsky, Lukoil – one more, the Galyanovsky area. In 2014, the partners planned to conduct seismic works, and in 2015 - exploratory drilling.