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St. Petersburg International Economic Forum 2016

Rosneft and PDVSA are setting up oil service JV, on parity basis — PDVSA CEO del Pino

ST.PETERSBURG, June 18. /TASS/. Russian state-owned oil company Rosneft and Venezuela’s PDVSA are setting up an oil service enterprise, in which the two companies will have equal shares, PDVSA CEO Eulogio del Pino said in an interview with TASS.

"We approve both the constitution of a joint venture for service in Venezuela - rigs and all the service for the petroleum industry. Fifty-fifty percent each. We will have a possibility to drill our own wells not to depend on service companies," del Pino said.

In May, Rosneft acquired a 23.33% stake in Petromonagas, its joint venture with PDVSA, for $500 mln, bringing its stake to 40%.

PetroMonagas produces extra-heavy oil in Venezuela. In 2015, oil production by PetroMonagas exceeded 7.7 mln tonnes. Currently, the joint venture produces more than 130,000 barrels of extra-heavy oil per day.

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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