Total, Lukoil discuss JV over Russian shale oil

|By:, SA News Editor

Total (TOT) and Lukoil (LUKFY) are reportedly in talks about jointly developing the Bazhenov shale-rock oil deposit in Siberia, which could be the largest such reserve in the world.

The talks started before the Ukraine crisis, but their continuation shows how some oil deals involving Russia continue to percolate despite the geo-political tensions and the imposition of limited sanctions on the country.

However, a Russian invasion into other parts of Ukraine could put such deals in jeopardy, says James Henderson of the Oxford Institute of Energy Studies, as it would increase the perception of risk even if sanctions aren't strengthened.