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369158
Thu, 05/28/2015 - 15:59
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Rosneft will increase its share in one of Venezuela's oil fields by two-fold to 40% - PDVS

MOSCOW, May 28. / TASS / Russia’s major oil producer Rosneft will increase its share in one of Venezuela's oil fields by two-fold to 40%, Venezuelan state company PDVSA, a partner of Rosneft, said in a statement on Thursday. "Rosneft has proposed to increase its stake in the joint venture of PetroMonagas to 40%," the statement said, as a result of the negotiations between Rosneft head Igor Sechin and head of the Venezuelan Company Eulogio del Pino. In April, TASS reported that the transaction between the two companies would be announced within 2-3 months. Rosneft shares rose 0.63% to 249.05 rubles per share (as of 11:40 Moscow time) in early trading on the Moscow Stock Exchange Thursday after news of the company’s deal in the area of ​​the Orinoco belt in the amount of more than $14 bln. "We had a great meeting where we agreed on investment of more than $14 bln," the President Nicolas Maduro said following a meeting with Sechin and del Pino, and the President of the National Assembly of Venezuela Diosdado Cabello. These investments will allow "for the doubling of the production of oil in the coming years," the President said, noting that it is also "on the gas projects, including the Orinoco area." Maduro called Rosneft CEO Igor Sechin, "a great friend of Venezuela and all Latin America." On Wednesday, May 27, the Ministers of Foreign Affairs of Russia and Venezuela Sergey Lavrov and Delcy Rodriguez held talks in Moscow. Rosneft and the Venezuelan company PDVSA signed the first long-term export contract at the Saint Petersburg International Economic Forum in May 2014. Both companies are involved in 5 joint projects in oil production in the country - Carabobo-2, Junin-6, SP PetroMonagas, Boqueron and Petroperiha. Their total geological reserves are estimated at more than 20.5 bln tonnes. Petromonagas is developing an oil field at the Orinoco Belt, Venezuela, where the output reaches 140,000 barrels per day. The joint venture is owned by Corporacion Venezolana del Petroleo (CVP), a subsidiary of PDVSA, (83.33 percent of shares) and Rosneft (16.67 percent of shares). The heads of companies also discussed the increase in oil production in the joint project. Rosneft said that it plans to increase oil production in Venezuela by 2019 to 8 million tonnes from the current 1.6 million tonnes. Between the years of 2010-2014, Rosneft had invested in Venezuelan projects $1.8 billion. It was previously reported, that Rosneft has plans to conduct a feasibility study in 2015 on offshore projects in Venezuela. As part of business expansion, the company is considering the possibility of participating in the project on the development of gas condensate fields in Rio Caribe and Mejillones offshore of Venezuela. Currently, Rosneft and PDVSA are involved in five joint oil extraction projects in Venezuela. In particular, Rosneft has stakes in three new fields in the region of La Faja, where Rosneft has 16.7% , the joint venture Petrovictoria, where Rosneft has 40% and PDVSA has 60% and Junin-6 joint venture project of PetroMiranda, where the Russian company National Oil Consortium (of which Rosneft owns 80%) owns 40% of the shares, and PDVSA owns the remaining 60%. Rosneft is also developing two mature oil fields in the Boqueron joint venture, of which PDVSA owns 60%, Rosneft owns 26.67% and OMV owns 13,33% , and one in Petroperiha, where PDVSA owns 60% and Rosneft owns 40%. According to Rosneft, the total geological oil reserves of these projects are estimated at more than 20.5 billion tonnes. The joint venture, in which Rosneft takes part in Venezuela, produces approximately 340,000 barrels of oil per day. Read more

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