Lukoil to discuss offshore projects with Petrobras

2/13/2013

Lukoil to discuss offshore projects with Petrobras

MOSCOW -- Lukoil Holdings will hold talks with Brazil's state-run energy giant Petrobras in late February on the possibility of working together on offshore projects, the Prime news agency reports Wednesday.

"I will meet with Petrobras, but at the moment we don't know the specifics," Chief Executive Vagit Alekperov is quoted as saying.

Lukoil, Russia's second-largest oil producer, has long lobbied for off-shore access to Russia's Arctic shelf, which contains potentially huge oil and gas reserves, but only state-controlled companies like Rosneft and Gazprom are currently allowed to hold offshore licenses.

Lukoil's international division, Lukoil Overseas Holding Ltd., is involved in South American projects in Columbia and Venezuela, where it is part of a consortium of Russian oil companies, including Rosneft and OAO Gazprom Neft, developing the Junin-6 oil block in the Orinoco Belt.

Dow Jones Newswires

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