By MICHAEL EBOH with Agency Report

Lukoil, Russia’s Number two oil producer, has reached an agreement with Total for a joint bid on tenders for offshore hydrocarbon projects in Lebanon.

“In Lebabnon, we have reached agreement with Total about joint participation in the tender and will be partners with them,” Vagit Alekperov, Lukoil’s chief executive, said.

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