Source:
ForbesConoco Could Keep A Foothold In Venezuela
Vidya Ram, 06.29.07, 10:45 AM ET
LONDON - ConocoPhilips may have had to pull out of Venezuela, but it could still keep its foot in the country. Venezualan President Hugo Chavez is in talks with Russian Lukoil, which ConocoPhilips has stakes in, to develop projects in the country.
A spokesman for LukOil (other-otc: LUKOY - news - people )confirmed a meeting took place Wednesday between Chavez, who is currently on a visit to Russia, and the oil company’s president and founder, Vagit Alekperov. The spokesman didn't offer any detail except that the company was in discussions about two potential projects; the first to develop heavy oil fields in the Orinoco river basin, and the second to rehabilitate already existing oil fields. He stressed that nothing was confirmed but that if everything worked out as planned, Lukoil’s venture could begin by the end of the year.
If the venture goes ahead it would be the first time a Russian energy company sets foot in South America.
The news comes just a week after ConocoPhilips (nyse: COP - news - people ) and Exxon Mobil (nyse: XOM - news - people )announced it was pulling out of Venezuela on the grounds that the government was attempting to impose tougher terms on their contract for pumping oil in the country’s Orinoco River basin.
Read more:
http://www.forbes.com/markets/2007/06/29/lukoil-gazprom-venezuala-markets-equity-cx_vr_0629markets05.html