May 26, 2005
Lukoil and PDVSA advance in joint ventures talks

(BNamericas.com) - "The president of Russian oil company Lukoil, Vagit Alekperov, met with the president of Venezuela's state oil company PDVSA and energy and oil minister Rafael Ramírez in Caracas to discuss joint venture projects, Lukoil and PDVSA said in a joint statement.

Alekperov and Ramírez discussed the implementation of a memorandum of understanding (MOU) signed between the two companies in November 2004.

The MOU expressed Lukoil and PDVSA's desire to partner on exploration and production projects in the Orinoco belt and the Gulf of Venezuela-Lake Maracaibo region, refining projects and the rehabilitation of mature fields.

Lukoil is one of 29 companies that bought a data pack from Venezuela's energy and oil ministry for six offshore natural gas blocks to be offered in the first stage of the Rafael Urdaneta project in the Gulf of Venezuela. The blocks are in the Gulf of Venezuela off Falcon state in western Venezuela and bids are due on July 27. The licenses will have a 25-year duration and PDVSA retains the right to take a 35% stake in the projects if and when they become commercial. Alekperov also visited the Orinoco river delta during his visit to Venezuela, where he donated medical equipment to local indigenous communities, including riverboats to transport patients to large hospitals in emergencies".