29 Mar 2014 16:10

Lukoil, Total sign memorandum on joint development of Bazhen reserves in West Siberia

BASRA. March 29 (Interfax) - Russia's Lukoil and France's Total have signed a memorandum on cooperation in developing the Bazhen subsurface deposits in West Siberia, Lukoil CEO Vagit Alekperov told journalists.

Lukoil plans to extract 100,000 tonnes of oil at the Bazhen fields in 2014, Lukoil said.

The Bazhen reserves belong to hard-to-recover ones, and the oil companies are about to start active operations to develop them.