The Russian Gazprom and Lukoil gas and oil companies are enlarging their presence in potentially promising regions in the world, and Gazprom, one of the largest gas companies on earth has spoken about the possibility of participating in the development of Sri Lankan crude oil deposits, and Lukoil company has begun talks with the Ugandan government about the prospecting for and extracting of crude oil in the region of lake Albert.
Russian oil companies have this month been holding talks with foreign countries on enhancing of economic cooperation. Russia and Venezuela are to create a joint venture enterprise to develop the Hunin deposit in the oil belt of River Orinoco. Many countries, including China are anxious to take part in the development of Venezuelan rich oil fields, but Caracas prefers to deal with Russia only. Russia has recently signed agreements with Hungary and Serbia for the creation of joint companies under the South Stream project. European partners view the project as capable of contributing to efforts at diversifying the delivery of gas to European consumers, and to enhance their energy security.
Leaders of the Russian energy sector are competing on equal footing with Shell and BP- British Petroleum and quite often, the Russian companies win. A recent example was the Lukoil victory in the international tenders for Iraqi oil fields. Gazprom has also conquered new grounds in the world thanks to its financial and technological advantages. Investing in foreign countries is today highly lucrative, said Alexei Belogoryev of the institute for energy strategy.
One of the consequences of the global financial crisis is the reduction of the cost of projects, including foreign ones. Countries and companies with money now prefer to invest in new projects as a result of the cost-cutting on the old ones. Uganda, Sri Lanka and several other countries fall into the category. The reduction in project investments is more pronounced in Africa and South Asia, making investment in foreign projects more effective and wiser, said Alexei.
Gazprom is diversifying its activities, taking part in gas extraction in foreign countries, as well as in the construction of pipelines and geological prospecting for example, in Vietnam and Indonesia.
Exxon Mobil, Total and possibly Lukoil are to compete for the right to develop the 5 oil deposits in Uganda, which are to be put up for international tender this year.
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