Total leave JV with LUKOIL for the establishment of three oil deposits in the Russian Federation
MOSCOW, 25 Jun - RIA Novosti/Prime. France's Total After the Shtokman make their JV with LUKOIL creating sites with hard-to-recover oil.
LUKOIL is going to offset the Total costs for the purchase of three licenses for areas with hard-to-recover oil of the Bazhenov formation, told on Wednesday the head of the Russian organization Vagit Alekperov." We agreed that we will continue to work on their own", he said, adding that the Total " without doubt will be able to return to the Project after punishment ". The head of Total in Russia Jacques de Boisseson confirmed to the publication that " the Firm wants to start a cooperation with LUKOIL on the Bazhenov formation, as only punishment will be lifted ".
in the first part of 2014, Total acquired the rights to 3 of the license area in the Khanty-Mansi AO Tushinski, East of Kovno and Leminski-3. These assets were contributed to the joint venture with LUKOIL, and that through its RITEK invested in the JV Galyanovskoe plot. In the exploration Side for two years was going to invest 120-150 million dollars.
The project became problematic for Total summer 2014, when against Russia were imposed punishment, which prohibits foreign companies to work offshore and in shale oil production. The newspaper's source close to JV, indicates that the resources of the Bazhenov formation is not formally shale, " But the work is there aliens in the end is forbidden." In fact work on the project was led by LUKOIL. Under the terms of their licenses, Total needs for three years to commence the seismic survey and to drill on the East of Kovno site at least one well, and latinskom-3 and Tushinskom - at least two.
"The parties want to keep the license to work there can only LUKOIL, for this reason, it is logical that the Firm will buy them. But formally, the JV is likely to continue to exist ", - said the source " the businessman ". Then the license have the possibility to return back to the Total, he says.
This is not the 1st problem Project in Russia, which leaves Total. The company has already transferred to "Gazprom" 25% in Shtokman field, said Last news in the press service of the organization's Total on Wednesday.
Western countries since March 2014 several times already imposed penalties because Russia's position on Ukraine. In March 2015 has been extended sanctions List of the USA, and on 22 June the head of the EU foreign Ministers meeting in Luxembourg have extended the economic sanctions until 31 January 2016.
The list of Russian citizens and organizations who have fallen under the punishment - in the material of the Fins news
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