Last Updated July 25, 2008
Russian oil company Lukoil signs an agreement with PDVSA, the Venezuelan petroleum company to jointly explore Junin-3 block in the Orinoco heavy oil belt in Guarico state.
The agreement was signed in Moscow in the presence of the Russian president Dmitry Medvedev and Venezuelan president Hugo Chavez. It will be effective for two years with a possibility of an extension.
Lukoil and PDVSA signed a previous agreement in October 12 in 2005 for three years. This agreement entailed the assessment and certification of heavy oil reserves.
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