MOSCOW, April 22 (RIA Novosti) - LUKoil Overseas, the international projects operator of Russia's largest independent crude producer LUKoil [RTS: LKOH] said on Tuesday it had launched preparations to develop oil deposits in Colombia.
LUKoil discovered oil at the Medina field with commercial crude reserves in early 2007 as a result of drilling the Condor-1 deep exploration well.
A contract on the Condor block in the foothills of Eastern Cordillera, in the western part of the Llanos oil basin, was signed between LUKoil Overseas and the Colombian national oil company Ecopetrol on April 7, 2002.
The document includes exploration activities at the block for six years and the development of the field for 22 years in the case of a commercial discovery.
LUKoil Overseas has a 70% share in the project while Ecopetrol holds 30%. The project operator is LUKoil Overseas Colombia Ltd.
