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Representatives of Russian oil companies will visit Venezuela next week — minister

MOSCOW, February 14. /TASS/. The delegation of representatives of Russian oil companies will visit Venezuela next week, Venezuela's minister of petroleum Nelson Martinez told a press conference in Caracas, as it follows from the documents of the Ministry.

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Diplomat praises Venezuela's, Russia's roles in OPEC agreement signing

"We expect that a delegation of entrepreneurs in (oil) production from Russia will visit us next week," he said, noting that the purpose of the visit is to strengthen relations with Russia in the energy business. He did not specify the representatives of what companies will visit Caracas.

In particular, Russian state-owned company Rosneft cooperates with Venezuela’s PDVSA. In 2016, Rosneft acquired 23.3% in Petromonagas, the Russian company’s joint venture with PDVSA, increasing its share to 40%.

Alongside with PetroMonagas joint venture Rosneft and PDVSA current joint ventures in Venezuela include four upstream projects. Particularly, Rosneft owns shares in three new fields in La Faja - Petrovictoria JV (PDVSA holds 60%, Rosneft - 40%), Junin-6 JV PetroMiranda (PDVSA owns 60%, Russia’s National Oil Consortium (NOC) - 40%). Also, Rosneft is developing two old fields in Boqueron JV (PDVSA holds 60%, Rosneft - 26.67% and Austrian OMV - 13,33%) and in Petroperiha JV (PDVSA owns 60%, Rosneft - 40%). According to Rosneft, those projects’ total initial oil in-place exceeds 20.5 bln tonnes. The crude production of the joint ventures with Rosneft participation stands at around 340,000 barrels per day.

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