NK Lukoil OAO Plans to Sell Stake in National Oil Consortium-Interfax

Wednesday, 2 Oct 2013 11:55pm EDT 

Interfax reported that NK Lukoil OAO (Lukoil) plans to sell its stake in the National Oil Consortium (NOC), which is developing the Junin 6 field in Venezuela, the Russian oil company's President, Mr. Vagit Alekperov told reporters. The Company has made an offer to the consortium on buying out its stake, Mr. Alekperov said. He said this project is not a priority for Lukoil, because the Company is interested in projects in which it is the operator. Lukoil owns a 20% stake in NOC. The other consortium members are state oil major Rosneft with 60% and Gazprom Neft with 20%. NOC owns 40% of joint venture Petromiranda, the other 60% of which is owned by Venezuela's state oil company PDVSA. Petromiranda is developing the Junin 6 block in the Orinoco River oil belt in Venezuela, where oil production began at the end of September 2012. The consortium was previously owned by five Russian oil companies, each with 20% stakes: Rosneft, Lukoil, TNK-BP, Gazprom Neft and Surgutneftegas. At the beginning of 2013, Surgutneftegas sold its stake to Rosneft for RUB 6 billion. Later this year Rosneft bought TNK-BP, increasing its stake in NOC to 60%. 

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