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Rosneft plans to increase oil production in Venezuela to 8 mln tonnes by 2019

May 28, 2015, 14:50 UTC+3 MOSCOW
In 2010-2014 Rosneft invested $1.8 bln in projects in Venezuela, the company’s report said
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© EPA/MIGUEL GUTIERREZ

MOSCOW, May 28. /TASS/. Rosneft plans to increase oil production in Venezuela to 8 mln tonnes by 2019 from the current 1.6 mln tonnes, according to the company’s statement published Thursday following the meeting between Venezuela's President Nicolas Maduro and Rosneft CEO Igor Sechin in Caracas.

In 2010-2014 Rosneft invested $1.8 bln in projects in Venezuela, the company’s report said.

The parties discussed wide range of issues of current cooperation and prospects for the development of new projects. "Rosneft cooperation with Venezuelan partners is a reliable and strategic partnership based on long-term cooperation," the statement said.

Rosneft is involved in the implementation of 5 mining projects in Venezuela, with total production of 9 mln tonnes per year in 2013-2014. Rosneft’s share amounted to roughly 4% of the total production of the country.

As TASS reported earlier, in 2015 Rosneft plans to conduct a feasibility study of two offshore projects in Venezuela. As part of the business the company is considering participating in the project of the development of gas condensate fields Caribe Rio and Mejillones on Venezuelan shelf. Together with PDVSA the company assessed the project’s resource base, evaluated options for the development and construction of fields, as well as ways to monetize gas.

Currently, Rosneft and PDVSA are involved in 5 joint projects for the extraction of oil in Venezuela. In particular, Rosneft has stakes in 3 new fields in the region of La Faja - Petromonagas (Rosneft has 16.7%), the joint venture Petrovictoria (Rosneft has 40%, PDVSA - 60%), and PetroMiranda joint venture project, where National Oil Consortium (Rosneft owns 80%) has a 405 stake and PDVSA - 60%. Rosneft is also developing 2 brown fields in the joint venture Boqueron (PDVSA-60%, Rosneft - 26.67%, OMV - 13.33%) and in Petroperiha (PDVSA - 60%, Rosneft - 40%).

According to Rosneft, the total volume of geological oil reserves in these projects is estimated at more than 20.5 bln tonnes.

The oil production of Rosneft joint ventures in Venezuela amounts to roughly 340,000 barrels per day.

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