Agreement with PDVSA
LUKOIL OVERSEAS AND PDVSA SIGN AGREEMENT TO RESEARCH JUNIN-3 BLOCK IN THE ORINOCO OIL BELT
LUKOIL Overseas and CVP (the investment division of PDVSA, the National petroleum company of Venezuela) have signed an agreement on research on the Junin-3 Block.
At the present phase quantitative estimation and certification of hydrocarbon reserves contained within the Junin-3 Block, located in the State of Anzoategui (the Orinoco oil belt), will be carried out. The area of the block is 640 square kilometers.
The agreement is valid for three years. Upon completion of the studies the activities will move to negotiations between LUKOIL Overseas and CVP under the auspices of the Ministry of Energy and Petroleum of Venezuela with the aim to formulate a concept for and establish a joint project to develop the Junin-3 Block.