LUKoil puts Venezuela's Junin-3 reserves at 600 mln tons

LUKoil estimates the oil reserves of the Junin-3 block in Venezuela at 600 million tons, the president of Russia's largest private oil producer said on Tuesday.

MOSCOW, July 7 (RIA Novosti) - LUKoil estimates the oil reserves of the Junin-3 block in Venezuela at 600 million tons, the president of Russia's largest private oil producer said on Tuesday.

LUKoil and the State Petroleum Company of Venezuela signed an agreement on joint study of the Junin-3 block in the Orinoco heavy oil belt in Venezuela's Guarico state last July.

The study was carried out to evaluate the project's potential for producing, refining and exporting extra heavy oil.