Lukoil Overseas Becomes a Full Member of Venezuela's Hydrocarbon Assoc.

LUKOIL Overseas received the status of a full member of Venezuela's Hydrocarbon Association (Asociacion Venezolana de los Hidrocarburos, AVHI) which facilitates the growth of the national oil and gas industry in accordance with the principles of sustainable development.

In connection with the company's entry in the association, Mark Ralph, Vice President of LUKOIL Overseas for Latin America took part in the plenary session of AVHI, which is held on a semiannual basis.

The association has 27 members, among whom there is the majority of international oil and gas majors, which have activities in Venezuela, including BP, Chevron, CNPC, ConocoPhillips, ENI, ExxonMobil, Petrobras, PetroCanada, Repsol YPF, Shell, Statoil, Total and a number of others.

LUKOIL Overseas has an office in Caracas, the capital of Venezuela. Starting from October 2005 the company has been carrying out the program of studying, certifying and quantifying the hydrocarbon reserves of the Junin-3 block, which covers the area of 678 square kilometers in the heavy oil belt of the Orinoco River. The first phase of this project, which was completed in early June of this year proved the undoubted prospectivity of the Junin-3 as one of the key blocks of the vast oil province of the Orinoco basin.


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