Russian Consortium Visits Venezuelan Oil Fields for extra heavy

[phantom power]

Russia's deputy premier and company officials from a Russian oil consortium visited Venezuela's eastern oil-producing region Monday, an area where it plans to drill for extra-heavy crude.

They were accompanied throughout the region by Venezuela Oil Minister Rafael Ramirez, who said he hopes to finalize a deal with the Russians by September. . .

The Russians could be involved in up to 1.2 million barrels a day of production in Venezuela if they were to win the bidding in the Carabobo and meet drilling expectations at the Junin 6 block, Ramirez said.

http://www.rigzone.com/news/article.asp?a_id=78644