Media: Total exits JV with LUKOIL

Media: Total exits JV with LUKOILThe work on creation of joint venture Total and LUKOIL on the development of hard-to-recover oil reserves in Western Siberia is suspended because of the sanctions, writes the Financial Times (FT)."The joint venture with LUKOIL definitely stopped. But it is not started, so will not have any effect [Total]," the FT quoted the chief Executive of French oil and gas company Christophe de Margerie.Earlier, in an interview with Bloomberg senior Vice President of Total markets of continental Europe and Central Asia Michael Borrell said that the French company "overestimates" the plans for the extraction of shale oil in Western Siberia, in partnership with LUKOIL on the background of economic sanctions against Russia. The representative of the Russian company said that LUKOIL had not received official notification of change of status of cooperation, according to "Vedomosti".Total and LUKOIL agreed to establish a JV for the production of unconventional oil in the Bazhenov formation in West Siberia in may 2014 it is Planned that the Russian company will be 51% in the JV. Within two years the company was supposed to co-invest in exploration $120-150 millionRecall, on the eve of Total announced the sale of part of the assets due to a decline.



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