Another oil major pulls out of Venezuela | beyondbrics

Another oil major pulls out of Venezuela | beyondbrics:

The revolving door at Venezuela’s oil sector continued to spin on Tuesday after Lukoil, Russia’s second largest oil producer, said it was withdrawing from a multi-billion dollar oil project in the country’s heavy oil rich Orinoco basin.

The news comes just a month after Malaysia’s Petronas pulled out of another big project.

“We made an offer to the consortium to buy out our stake,” Vagit Alekperov, Lukoil’s president told reporters. “This is not a project of a high priority for us.”

Lukoil is part of a consortium led by Rosneft – but which also includes Gazprom Neft – that is developing the Junín 6 block in the Orinoco Belt alongside Venezuela’s state company, PDVSA. Surgutneftegas and TNK-BP, now part of Rosfnet, have also decided to leave the group, citing a similar reason, according to Reuters."

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