Lukoil and Total to develop major shale oil field in western Siberia
Memorandum signed on Bazhenov field between Russia's second largest oil producer and the French giant.
Lukoil plans to extract some 100,000 tonnes of oil (733,000 barrels) at the Bazhenov formation this year. Picture: The Siberian Times
The Bazhenov formation is seen by many as the largest in the world, with an estimated 75 billion barrels of technically recoverable reserves .
Lukoil CEO Vagit Alekperov made the announcement in Iraq during the opening of its West Qurna-2 oil field.
Lukoil plans to extract some 100,000 tonnes of oil (733,000 barrels) at the Bazhenov formation this year, reported Reuters.
The shale resources are seen as vital for the future.
Giant Rosneft, the country's largest oil producer, has linked with ExxonMobil to develop the Bazhenov fields separately from the Lukoil-Total project.
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