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Russia's Surgut to exit Venezuela consortium-paper
September 26, 2012 / 6:06 AM / 5 years ago

Russia's Surgut to exit Venezuela consortium-paper

MOSCOW, Sept 26 (Reuters) - Surgutneftegaz will leave the Russian consortium developing the Junin 6 oil block in Venezuela’s Orinoco belt, its last foreign project, business daily Kommersant reported on Wednesday.

Surgut’s share is likely to be divided among its partners in the consortium - Rosneft, LUKOIL, TNK-BP and Gazpromneft - or bought by state-controlled Rosneft alone, the newspaper wrote, citing sources.

The consortium owns a 40 percent stake in the project, expected to start oil production on Wednesday, while Venezuela’s state oil company PDVSA has 60 percent.

The Junin 6 oil block is one of the most advanced new projects in Venezuela’s Orinoco extra heavy crude belt, where President Hugo Chavez’s government is focusing its attention for future production increases.

Surgut declined to comment. (Reporting by Maria Kiselyova; Additional reporting by Olesya Astakhova; Editing by Mark Potter)

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