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Venezuela parliament approves mode to develop oil deposit Carabobo-2, in which Rosneft owns 40%

April 23, 2013, 14:10 UTC+3
The oil output should make 400,000 barrels daily at the oil deposit by 2019
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LONDON, April 23 (Itar-Tass) – The Venezuelan parliament approved the mode to develop the oil deposit Carabobo-2, in which the Russian oil major Rosneft owns 40%, Rosneft CEO Igor Sechin said at a meeting with the investors here on Tuesday.

He noted that the oil output should make 400,000 barrels daily at the oil deposit by 2019.

In 2011 Rosneft and the Venezuelan corporation PDVSA signed a preliminary memorandum on mutual understanding to set up a joint venture for the development of the heavy oil reserves in Venezuela under the project Carabobo-2. The Rosneft share in a planned joint venture will make 40%, and the company CVP, which is a PDVSA subsidiary owns the remaining 60% stake. The Carabobo-2 project includes the sections Carabobo-2 North and Carabobo-4 West with the reserves of 40 billion barrels (6.5 billion tonnes). The highest level of the production of the commercial oil is expected to reach about 25 million tonnes annually.


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