Wednesday, December 24, 2014

Lukoil bails from Venezuelan oil venture


One of Russia's largest oil producers is severing ties with an ambitious project designed to develop an oil field in Venezuela. Lukoil said on Tuesday that it's selling its 20 per cent stake in the National Oil Consortium (NOC), which Russian energy companies set up in 2008 to strengthen ties with Venezuela, to Russian state oil company Rosneft. The deal will take Rosneft's stake in NOC to 80 per cent, with the remaining 20 per cent owned by Gazprom Neft. NOC and PDVSA, Venezuela's state-backed oil company, currently have a joint-venture to cultivate a field in the country's Orinoco Belt. More…

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