Russia formed and registered on October 8 a National Oil Consortium, bringing together Gazprom, Lukoil, Rosneft, Surgutneftegas and TNK-BP, to develop oil and gas fields in Venezuela, Rosneft President Sergei Bogdanchikov told journalists.
Each company holds a 20% stake in the consortium, Bogdanchikov said. It has yet to be decided what company will be the project's operator. "We have provided the rotation principle," he said.
The National Oil Consortium will be a partner of Petroleos de Venezuela to develop oil fields in the Carabobo state, he said, adding that the Venezuelan side will have a clocking stake in the project. "The company's charter is being registered," Bogdanchikov said.
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