Gazprom To Buy Venezuelan Oil&Gas Deposits

Russia?s gas monopoly Gazprom is likely to bid in the Venezuelan auction of 40 offshore oil and natural gas tracts, Interfax reported.

According to the agency, Gazprom may team up with a Russian company. LUKoil has already entered a bid, Interfax said, citing an unidentified LUKoil employee.

Bids for the six tracts probably will be taken in September with awards granted by the end of the year, Luis Vierma, Petroleos de Venezuela's vice president for exploration and production, told reporters in Caracas on June 21.