TOTAL & LUKOIL To Develop Tight Oil In Bazhenov

By Joseph R. Fonseca
Sunday, May 25, 2014
Bazhenov

 

Total signed today an agreement with Lukoil creating a joint venture (JV) to explore and develop the tight oil potential of the Bazhenov play in Western Siberia. Total will hold 49% of the JV and Lukoil 51%. This agreement finalizes the memorandum of understanding signed between the two companies in December 2013.

The JV will assess the technical feasibility of developing the tight oil potential of the Bazhenov formation initially on 4 licenses covering an area of 2,700 km² in Khanty-Mansi Autonomous District. Seismic acquisition will start in 2014 and exploration drilling will follow in 2015. Total will contribute its Lyaminskiy 3, Vostochno-Kovenskiy and Tashinskiy licences to the JV while Lukoil will add the Galyanovsky license.

“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 with its numerous projects ”, outlined Christophe de Margerie, Total’s Chairman and CEO. “Our international expertise leveraged with Lukoil’s experience in the region provides a balanced partnership and an excellent basis from which to appraise the huge potential of this Western Siberian play.”


Total Exploration & Production in Russia

Total has been present in Russia for over two decades. In 2013, the Group’s equity production was 207,000 barrels of oil equivalent per day. This production comes from the onshore Kharyaga field (Total 40%, operator), located in the Nenets autonomous district, and through Total’s share in Novatek (17% at the end of 2013), which produces more than 10% of Russia’s gas output.

In addition, Total and Novatek are partners in the Yamal LNG project, located in the Yamalo-Nenets Autonomous District, and in the Termokarstovoye gas and condensate field, which are both currently under development.
 

Maritime Reporter May 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

Bahri Orders VLCC Newbuilds

Bahri ordered five newbuild very large crude carriers from Hyundai Samho Heavy Industries   The National Shipping Company of Saudi Arabia (Bahri) today signed

Scandlines Orders Ferry Battery System

Corvus Energy announces the signing of marine Energy Storage System (ESS) contract with Scandlines Denmark ApS; world’s largest battery hybrid electric fleet orders additional 2.

Mercury Diesel Engines for 16 New USCG Boats

Mercury Marine has entered an agreement with Metal Shark Aluminum Boats to power 16 U.S. Coast Guard (USCG) boats with Mercury diesel engines.   “Mercury Marine’s 2.

Legal

Philippine, Vietnamese Troops Together on Disputed Island

Vietnamese and Philippine troops played soccer and sang karaoke on a South China Sea island on Wednesday in a sign of the growing security ties between the two

Hundreds Rally in Myanmar over "boat people" Crisis

Hundreds of protesters marched through the streets of Myanmar's largest city of Yangon on Wednesday to denounce foreign criticism of the country's treatment of stateless Rohingya Muslims.

Wärtsilä wins BWMS Order for 3 Vessels

Wärtsilä has received another important order for its Ballast Water Management Systems (BWMS). Three new container ships being built for a major European shipping

Finance

AAPA Applauds Senate Passage of Trade Promotion Legislation

The American Association of Port Authorities (AAPA) applauded Senate passage over the past weekend of the Bipartisan Congressional Trade Priorities and Accountability Act of 2015 (TPA-2015),

Port of Duluth Intermodal Project Underway

The U.S. Department of Transportation’s Maritime Administrator, Chip Jaenichen, today joined Senators Amy Klobuchar and Al Franken, Congressman Rick Nolan, Duluth Mayor Don Ness,

Chile Exporters Fret as Customs Strike Continues

A customs strike in Chile that began last week has started to affect exports and imports, although miners in the top copper producer said this week they have not yet been significantly impacted.

Energy

Scandlines Orders Ferry Battery System

Corvus Energy announces the signing of marine Energy Storage System (ESS) contract with Scandlines Denmark ApS; world’s largest battery hybrid electric fleet orders additional 2.

Philippine, Vietnamese Troops Together on Disputed Island

Vietnamese and Philippine troops played soccer and sang karaoke on a South China Sea island on Wednesday in a sign of the growing security ties between the two

New MD for Glander Int'l Bunkering (India)

Glander International Bunkering is proud to announce that Ajay Menon has been appointed as the Managing Director of Glander International Bunkering (India) Private Limited.

News

CMA-CGM to Call Port of Baltimore

International container shipping company CMA-CGM of France announced that it will begin service within the next couple of weeks to the Helen Delich Bentley Port of Baltimore.

Somaliland to Pick Berbera Port Partner by End of Year

Somaliland expects to choose a partner to develop and manage its Berbera port by the end of the year, with construction expected to start early next year, the breakaway

Hapag-Lloyd Expands Feeder Network in Scandinavia

Baltic Express Service (BAX) to include Oslo / Two weekly departures from Gothenburg and Helsingborg in SDX and GTE / Connection via Hamburg and Bremerhaven to

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Navigation Offshore Oil Pod Propulsion Ship Electronics Ship Repair Ship Simulators Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2395 sec (4 req/sec)