Russia and Venezuela: Closer Cooperation in Oil & Gas Markets

As reported in The International Herald Tribune, President Hugo Chávez of Venezuela and President Dmitri Medvedev of Russia recently declared that their countries would more closely coordinate their actions on global oil and gas markets.  As the article notes:

“…Medvedev said it was still possible that Russia could join with Venezuela and other gas-producing nations to form a cartel similar to OPEC, a concept that has been under discussion for several years.He said that such cooperation would help guarantee energy security and was “not directed against any states.”

…Russia’s gas and oil giants, TNK-BP, Lukoil and Gazprom, each signed agreements in Chávez’s presence to explore reserves in Venezuela’s Orinoco Valley.Lukoil and TNK-BP signed agreements to conduct joint explorations with the Venezuelan state oil company, Petróleos de Venezuela. Gazprom agreed to conduct a geological study of gas reserves in the area, and reportedly was discussing the possibility of helping to build a pipeline to Brazil….”

This entry was posted on Wednesday, July 23rd, 2008 at 9:45 am and is filed under Gazprom, Petróleos de Venezuela, Russia, Venezuela.  You can follow any responses to this entry through the RSS 2.0 feed.  Both comments and pings are currently closed. 

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Wildcats & Black Sheep is a personal interest blog dedicated to the identification and evaluation of maverick investment opportunities arising in frontier - and, what some may consider to be, “rogue” or “black sheep” - markets around the world.

Focusing primarily on The New Seven Sisters - the largely state owned petroleum companies from the emerging world that have become key players in the oil & gas industry as identified by Carola Hoyos, Chief Energy Correspondent for The Financial Times - but spanning other nascent opportunities around the globe that may hold potential in the years ahead, Wildcats & Black Sheep is a place for the adventurous to contemplate & evaluate the emerging markets of tomorrow.