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2014-05-23 17:15:00

LUKOIL & TOTAL: SIBERIAN TIGHT OIL

LUKOIL & TOTAL: SIBERIAN TIGHT OIL

Russia's No.2 oil producer, Lukoil, and France's Total agreed on Friday to set up a joint venture to tap vast tight oil reserves in Siberia.

The companies signed the deal on the sidelines of the St Petersburg International Economic Forum. Vagit Alekperov, the head of Lukoil, said the venture with Total would develop fields with around 500 million barrels of reserves.

Total said in a statement seismic acquisition will start in 2014 and exploration drilling will follow in 2015. The deal finalises a preliminary agreement signed in December last year.

"Total's entry into the Bazhenov play, one of the world's largest shale oil formations, reinforces our position in non-conventional hydrocarbons, where the group has developed significant experience," Total CEO Christophe de Margerie said.

The French oil major said last month it expected the biggest share of its oil and gas output to come from Russia by 2020 and plans to stay there for the long haul despite tensions with the West over Ukraine.

Total will join majors ExxonMobil, Statoil and Royal Dutch Shell in developing Russian shale oil, a major part of Moscow's efforts to at least maintain its oil output at more than 10 million barrels per day.

The U.S. Energy Information Administration estimates the possible shale oil resources in Russia at 75 billion barrels, more than the 58 billion held by the United States, current leader in shale oil production.

reuters.com

Tags: OIL, LUKOIL, TOTAL, SIBERIA, RUSSIA

Chronicle:

LUKOIL & TOTAL: SIBERIAN TIGHT OIL
November, 20, 09:05:00

INDIA'S GAS WILL UP

REUTERS - India’s natural gas consumption is expected to rise to 70 billion cubic metres (bcm) by 2022 and 100 bcm by 2030, according to a government think tank and the Oxford Institute of Energy Studies, up from 50 bcm now. India burns just 7 percent of what top user the United States consumes in a year with about a quarter of India’s population.

LUKOIL & TOTAL: SIBERIAN TIGHT OIL
November, 20, 09:00:00

NORWAY SELLS OIL & GAS

Norway, which relies on oil and gas for about a fifth of economic output, would be less vulnerable to declining crude prices without its fund investing in the industry, the central bank said Thursday. The divestment would mark the second major step in scrubbing the world’s biggest wealth fund of climate risk, after it sold most of its coal stocks.

LUKOIL & TOTAL: SIBERIAN TIGHT OIL
November, 20, 08:55:00

OIL PRICES UP

WSJ - Light, sweet crude for December delivery rose $1.41, or 2.6%, to $56.55 a barrel on the New York Mercantile Exchange, snapping a three-session losing streak. Brent, the global benchmark, advanced $1.36, or 2.2%, to $62.72 a barrel.

LUKOIL & TOTAL: SIBERIAN TIGHT OIL
November, 20, 08:50:00

U.S. RIGS UP 8 TO 915

U.S. Rig Count is up 327 rigs from last year's count of 588, with oil rigs up 267, gas rigs up 61, and miscellaneous rigs down 1 to 1. Canada Rig Count is up 24 rigs from last year's count of 184, with oil rigs up 9 and gas rigs up 15.

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