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Surgutneftegas Pulls Out of Venezuela Project, Kommersant Says

OAO Surgutneftegas, a Russian oil producer, has withdrawn from the Junin 6 block in the Orinoco crude belt, Kommersant reported, citing unidentified people familiar with the situation.

The Consorcio Nacional Ruso, a venture between Petroleos de Venezuela SA, the state oil company, with OAO Gazprom, Surgutneftegas, OAO Lukoil, TNK-BP and Rosneft Oil Co., starts drilling in the Junin 6 block today, according to the newspaper. Junin 6 was Surgutneftegas’s last international holding, Kommersant said.

Surgut’s stake may be divided between the other venture partners or transferred to Rosneft, Kommersant said.

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