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Article: RUSSIA - LUKoil In Venezuela.
- Article from:
- APS Review Oil Market Trends
- Article date:
- September 4, 2006
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In 2005 LUKoil signed an agreement with the state-owned Petroleos de Venezuela (PDVSA) for joint evaluation of a 678 sq km block known as Junin-3 in the Orinoco belt of ultra-heavy crude oil. The block is estimated to contain about 2 bn barrels of such crude.
During a visit to Moscow in July 2006, Venezuelan President Hugo Chavez had a meeting with LUKoil's Azeri-born CEO Vagit Alekperov and the two reached agreement on joint development of Venezuelan oilfields. During a visit to Caracas last May, Alekperov said his company planned to sign by end-2006 petroleum E&P agreements which could also include gas-rich areas.
Alekperov, backed by the Kremlin, has ...