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Russia’s Lukoil mulls swapping assets with Rosneft

October 08, 2014, 12:54 UTC+3 KOGALYM
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KOGALYM, October 8. /TASS/. Russian oil company Lukoil is in talks with oil major Rosneft on swapping a stake in Venezuela’s oil field Junin-6 for a stake in the companies’ joint venture in the Krasnodar Region, CEO Vagit Alekperov told reporters Wednesday.

“We have agreed on one of our joint venture’s project in the Krasnodar Region,” Alekperov said.

Rosneft and Lukoil established a joint venture Priazovneft for the development of the Novoye field in the Azov Sea, where recoverable reserves stand at 1.3 million tons of oil. Rosneft owns a 57.5% stake in the venture.

On October 3, Kommersant business daily reported that Lukoil has agreed to sell its 20% stake in the National Oil Consortium, participating in the development of Venezuela’s Junin-6 block, to Rosneft for about $150 million. Currently, Rosneft owns 60% on the consortium, while Gazprom Neft, an oil branch of gas giant Gazprom, and Lukoil own 20% each.

Alekperov also said he plans to visit Iraq, where Lukoil develops the Qurna-2 deposit, on Sunday and discuss expansion of the company’s operations there with its oil minister on October 13. “We expect our operations on Iraq’s territory to be expanded,” he said.

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