Russian oil and gas company Surgutneftegas will sell its share in the Venezuelan oil production project Junin 6 to Russian state-owned company Rosneft, a source in Russia’s National Oil Consortium (NOC) told the Prime news agency.
“Surgutneftegas will sell its 20 percent to Rosneft,” the source said.
He added that once the deal is completed, Rosneft will become the managing company of Junin 6, located in the Orinoco Belt. Currently energy giant Gazprom’s subsidiary Gazprom Neft manages the block.
The asset is Surgutneftegas' last foreign project.
NOC comprises Russia's large oil companies Gazprom Neft, Rosneft, TNK-BP, Surgutneftegas and LUKoil.
Geological reserves of the Junin 6 block are 52.6 billion barrels of oil, while recoverable reserves amount to 10.96 billion barrels. The block area totals 447.85 square kilometers.
Overall investment in Junin 6 is assessed at $20 billion.