LUKOIL, Total In Talks To Jointly Develop Foreign Projects

Published: 07-Sep-2009

OAO LUKOIL Holdings (LUKOIL) is in discussions with Total S.A. (Total) on the potential for joint exploration projects in Kazakhstan, Colombia and western Africa, Dow Jones Newswires reported. Both the companies may also join forces in Ghana and the Ivory Coast, where LUKOIL is drilling exploration wells at the offshore CI-205 block, one of its four licenses in the region.

"We have talks with Total about certain projects in Kazakhstan, Columbia and also in Ghana and Ivory Coast," a LUKOIL spokesman said.

Total has expressed interest in the Khvalynskoye offshore field in the Caspian Sea, which LUKOIL is now developing under an agreement signed with the Kazakhstan government, the spokesman added.

LUKOIL spokesman also said the two companies may work together in Colombia, where they hold licenses to adjacent blocks. Total owns exploration rights to the Niscota block and LUKOIL to the Condor block, both located in the Llanos basin.

Both the companies already work together on Azerbaijan's Shah Deniz development, in which each hold a 10% stake.

Tell your friend about this article