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Lukoil & Total Reached Deal on Joint Bid in Lebanon Tender

Source: Wall Street Journal (WSJ) 3/7/2013, Location: Middle East

OAO Lukoil Holdings, Russia's No. 2 oil producer, has reached a deal with France's Total S.A. (TOT) for a joint bid on tenders for offshore hydrocarbon projects in Lebanon, Lukoil's chief executive, Vagit Alekperov, said.

"In Lebabnon, we have reached agreement with Total about joint participation in the tender and will be partners with them," Mr. Alekperov told reporters.

Lukoil has in recent years been looking abroad to offset production declines at its core fields in Western Siberia.

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