Total, Lukoil to set up JV to explore tight oil in Siberia

|By:, SA News Editor

Total (TOT) and Russia's Lukoil (LUKOY, LUKOF) agree to set up a joint venture to tap tight oil reserves in Siberia, developing fields with ~500M barrels of reserves.

TOT says seismic acquisition will start in 2014 and exploration drilling will follow in 2015.

TOT has said the biggest share of its oil and gas output likely would come from Russia by 2020 and plans to stay there for the long haul despite tensions with the West over Ukraine.