Venezuela to sign agt with Lukoil on joint oil recovery by yearend
Venezuelan President Hugo Chavez said on Sunday that his country is planning to sign an agreement with Russia’s Lukoil on joint oil recovery by the end of the current year, Itar-Tass reports. President Chavez held a conversation with Lukoil representative in Venezuela Sergei Sipunov in a live television broadcast.
The Lukoil official told the president about the final stage of the company work on quantitative evaluation and international certification of oil deposits in the Junin-3 block of the Orinoco River oil belt. According to preliminary data, 235 billion barrels of heavy and super heavy oil are deposited in the world's largest Orinoco basin.