Total SA (FP) agreed to seek shale oil in Western Siberia with OAO Lukoil (LKOD) , brushing off U.S. and European sanctions against Russia over its annexation of Crimea. Chief Executive Officer Christophe de Margerie signed the deal at the St. Petersburg International Economic Forum in a demonstration of Total’s commitment to Russia, after officials from companies including Citigroup Inc., Morgan Stanley and ASA Statoil withdrew from the meeting. Total and Moscow-based Lukoil will set up a venture to seek so-called tight oil in the Bazhenov area of Siberia under their agreement, the French company said in a statement . Siberian shale has “huge potential,” de Margerie said. Investment in the venture will be $120 million to $150 million in the first two years, according to Lukoil CEO Vagit Alekperov. Total says its Russian business isn’t affected by sanctions against the country, including on Gennady Timchenko , shareholder of […]