Lukoil finds way out of Venezuela – the company agrees with Rosneft on sale of its share in National oil consortium

As the Kommersant has got to know, Lukoil is finally leaving the National Oil Consortium (NOC), which carries out the production in Venezuela. After a year of negotiations, the company was able to agree with Rosneft on sale of its 20%. According to unofficial data, the latter will pay Lukoil approximately $150 million, while it invested $200 million in NOC. Prolonged uncertainty about the shareholder structure complicate the work of NOC, but now Rosneft has only one partner - Gazpromneft with 20%.

Lukoil has agreed with Rosneft to sell its 20% in NOC, which participates in the development of the Hunin-6 block in Venezuela, sources close to the negotiations told the Kommersant. The state-owned company agreed to buy the stake in "historical costs". One of the Kommersant’s interlocutors says that the amount of the transaction will make up about $150 million, it should be closed in November. Rosneft just stated to the Kommersant that "the parties are in a constant dialogue and continue to discuss the possible terms". Lukoil declined to comment.

NOC was established in 2009, all the leading Russian oil company – Rosneft, Lukoil, Surgutneftegaz, BP-TNK and Gazpromneft – were equal parts of it. Each invested $200 million, received 20%. NOC owns 40% (60% belong to the state-owned company PdVSA) in the development of the Hunin-6 field, which resources are estimated at 195 million tons, and investments in development - at $25 billion. Major work on the Hunin-6 field were carried out by Gazpromneft. The production at the project began at the end of the previous year. Now 14 wells are drilled at it, the production is 950 tons per day.