Total has been granted the rights to explore three oil blocks in West Siberia.
The French oil major joins ExxonMobil, Statoil and Royal Dutch Shell to develop Russian shale oil, which is a vital element of Moscow’s efforts to maintain its oil output at more than 10 million barrels per day.
The hard-to-recover oil blocks in West Siberia has an estimated 75million barrels. The places them ahead of the current shale oil production leader – The United States, with 58 million barrels.
This move places Total at the forefront of the shale oil industry, with Russia estimated to have the world’s largest by estimated resources.