LKOH Pjsc Lukoil

By Inti Landauro

PARIS--French oil major Total SA (TOT) Friday said it created a joint-venture with Russian rival Lukoil Holdings (LUKOY) to seek and develop shale oil in the Bazhenov area in Western Siberia.

Total will hold 49% in the venture and Lukoil will hold the remaining 51%, the company said.

Both companies will seek shale oil in the Bazhenov formation in Siberia in an area of 2,700 square kilometers.

The companies didn't provide information over amounts to be invested in the project.

-Write to Inti Landauro at inti.landauro@wsj.com