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Rosneft, Venezuela discuss coordination of efforts to normalize situation on oil market

February 02, 17:21 UTC+3 MOSCOW
According to the statement, "the parties were pleased to emphasize the quality of implementation of joint upstream projects"
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© AP Photo/Fernando Llano

MOSCOW, February 2. /TASS/. Rosneft Chaiman of the Management Board Igor Sechin held a working meeting with the Minister of Petroleum and Mining of the Bolivarian Republic of Venezuela, President of PDVSA, Eulogio Del Pino, the company said Tuesday.

"Within the meeting Igor Sechin and Eulogio Del Pino discussed possible cooperation with the ambit of normalization of the situation on the world oil market," the statement said.

According to the statement, "the parties were pleased to emphasize the quality of implementation of joint upstream projects. Rosneft’s efficient participation in the assets’ management enabled to reach remarkable increase of hydrocarbon production volumes both at brownfields and greenfields. Well-elaborated investment strategy provides favorable financial outcome from joint projects despite the challenging macroeconomic environment."

Rosneft and PDVSA continue joint analysis of potential cooperation at perspective fields of the Venezuelan shelf (within the Memorandum, signed at the St. Petersburg International Economic Forum in 2015).

The parties also discussed partnership in the petrochemical industry, which would enable increasing economic efficiency of joint ventures.

During the meeting the Rosneft Head and Chief of PDVSA discussed cooperation in the area of oil marketing, which is currently being implemented as part of two long-term contracts for hydrocarbons supplies.

Currently Rosneft and PDVSA cooperate in implementation of 5 joint upstream projects in Venezuela: Project Carabobo-2.4 (JV Petrovictoria) - CVP (PDVSA subsidiary) - 60%, Rosneft - 40%; Project Junin-6 (JV PetroMiranda). CVP (PDVSA subsidiary) - 60%, NOC - 40%; JV PetroMonagas. CVP (PDVSA subsidiary) - 83.3%, Rosneft - 16.7%; JV Boqueron. CVP (PDVSA subsidiary) - 60%, Rosneft - 26.67%, OMV -13.33%; JV Petroperija. CVP (PDVSA subsidiary) - 60%, NOC - 40%. Total geological oil reserves of these projects are estimated more than 20.5 bln tonnes.

On February 1, Russia’s Energy Minister Alexander Novak confirmed readiness to take part in joint consultations with OPEC and non-OPEC oil producing nations if these are held after Novak’s meeting with Venezuela’s Oil and Mining Industry Minister Eulogio Del Pino.

The situation on global oil markets and bilateral energy cooperation were discussed at the ministerial meeting. Minister Del Pino also accepted invitation of the Russian Minister to take part in the National Oil and Gas Forum to be held in Moscow.

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