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Total in talks to join tight oil projects in Russia

17 Sep 2013
French energy major, Total is in talks to join “tight” or hard to access oil projects in Russia, the world’s largest oil producer.

Russia is offering tax relief to boost investments in costly offshore, heavy or tight oil production in an effort to ensure output is above 10 million barrels per day.

Total’s upstream president, Yves-Louis Darricarrère has said that they are interested in Russia’s shale gas prospects, but mainly in shale oil projects. The U.S. Energy Information Administration has estimated Russia’s recoverable shale oil reserves at 75 billion barrels.