Lukoil: Venezuela plans
Lukoil to develop Junin-3 on its own
Lukoil plans to develop the Junin-3 oil deposit in Venezuela on its own, the vice-president of Russia's largest independent crude producer said.
"It so happened that we are participating in two projects in Venezuela - a consortium of five Russian companies and Junin-3," Leonid Fedun said, adding that Lukoil had no plans to give up Junin-3 and the block was being appraised, said a Ria Novosti report.
Lukoil and Venezuela's state-run PDSVA signed an agreement in July on the joint exploration of the Junin-3 block in the Orinoco heavy oil belt.
A joint study will be performed to evaluate the project of extracting extra heavy oil, its further refining in Venezuela and exporting.