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LUKoil Plans to Develop Oil Deposit in Venezuela

LUKoil is expected to develop the Junin-3 oil deposit in Venezuela on its own

"It so happened that we are participating in two projects in Venezuela - a consortium of five Russian companies and Junin-3," Leonid Fedun, the vice-president of Russia's largest independent crude producer, said, adding that LUKoil had no plans to give up Junin-3 and the block was being appraised.

LUKoil and Venezuela's state-run oil and gas company 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.

Author: Ksenia Kochneva