The memorandum provides for cooperation of LUKOIL and PDVSA on prospecting and production projects in the Orinoco Oil Belt, in the Gulf of Venezuela (Lake Maracaibo), as well as on projects to rehabilitate and raise the output of depleted oilfields.
In keeping with the memo, LUKOIL shall consider the possibility of buying crude oil and refined products from PDVSA, both as part of isolated deals and on the basis of long-term contracts. The Venezuelan company shall also offer to LUKOIL proposals on possible cooperation in refining crude oil.
The sides are intent on arranging regular exchange of personnel for training, retraining and upgrading programs in various areas of specialization.
LUKOIL and PDVSA were the organizers of the first Russo-Venezuelan oil and gas forum, held in Moscow earlier this week. Addressing the gathering, PDVSA President Ali Rodriguez Araque set forth the company's plans to increase production of hydrocarbons. These plans go along with LUKOIL's intention to invest in the development of Venezuela's oil and gas sector.
"Involvement in oil and gas projects in Venezuela is an important area of the company's development, including on the supply of crude to the North American market and of refined products for LUKOIL's distribution network in the U.S.," CEO Vagit Alekperov said after the signing ceremony.
