Total is ready to return to a joint project on the Bazhenov Suite with Lukoil in case of removal of sanctions

​Total might return to the joint project with Lukoil on the development of the Bazhenov Suite if western sanctions on Russia are removed, CEO of Total in Russia, J. de Boisseson, said.

In September 2014 Total had to shut down the cooperation with Lukoil on the joint development of deposits in the Western Siberia due to the sanctions of the West on Russia.

In May 2014 Lukoil and Total signed an agreement on the foundation of a JV with the stake of Lukoil – 51%, Total – 49%. It was about the development of the Bazhenov Suite in the Khanty Mansi Autonomous Area. The pilot project was planned to be realized at the Galyanovsky license site (RITEK OJSC holds the right to use the subsoil) and at the East-Kovensky, Tashinsky and Lyaminsky-3 license sites (Total holds the right).