ST. PETERSBURG, May 23. /ITAR-TASS/. Russian oil major Lukoil has signed an agreement on to set up a joint venture with France’s Total to jointly develop the Bazhenovskaya formation in West Siberia with investments of $120-150 million, Lukoil’s CEO Vagit Alekperov said Friday at the St. Petersburg International Economic Forum.

Lukoil will own 51% in the venture, but all decisions will be made on parity basis, Alekperov said.

The Bazhenovskaya formation contains hard-to-develop oil, with reserves amounting from 10 billion tonnes to 30 billion tonnes, according to an estimate of the Federal Mineral Resources Agency.