Russia's Lukoil Seeks Exit from Venezuelan Oil Project

October 3, 2013

Lukoil, Russia's second-biggest oil producer, wants to sell its stake in a Russian consortium developing a large oil project in Venezuela because it is not a high priority, Reuters reported on October 2, citing Lukoil's head.

Lukoil's exit could raise more questions about Venezuela's ambitious plans to boost stagnant output and the ability of the government to turn the promise of the Orinoco Belt into reality. Lukoil is part of the Junin-6 consortium developing heavy oil in the Orinoco basin.

The group is led by Russian state oil major Rosneft and also includes Gazprom Neft . "We made an offer to the consortium to buy out our stake," Vagit Alekperov told reporters. "This is not a project of a high priority for us."

Copyright: Reuters, 2013.