Lukoil Evaluating JV with Total on Unconventional Fields in Light of Sanctions
The chief executive of Russia’s top non-state oil company Lukoil said on Friday his firm was evaluating the implications of Western sanctions on its joint venture with France’s Total.
The United States has imposed sanctions on leading Russian energy companies including Gazprom, Rosneft and Lukoil, preventing U.S. firms from supporting their activities in exploration or production from deep water, Arctic offshore or shale projects.
Lukoil was planning to drill for tight oil in Siberia with Total. Total is also developing the $27 billion Yamal liquefied natural gas project with Russia’s second-largest natural gas producer, Novatek, and China’s CNPC. (Reporting by Katya Golubkova; Writing by Alexander Winning, editing by Elizabeth Piper)
