Rosneft and PDVSA cooperate in implementation of 5 joint upstream projects in Venezuela

Февраля 02, 2016

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 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.

Also, 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 paid attention to the partnership in the petrochemical industry, which will enable increasing economic efficiency of joint ventures.

Also, 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.

Eulogio del Pino expressed his gratitude to Igor Sechin for Rosneft’s active implementation of social programs in Venezuela as well as investments in construction of cultural sites and sports infrastructure. In particular, a sports hall for the combat sports is currently being constructed in the city of Sabaneta. The Chief of PDVSA also emphasized the importance of educational programs for Venezuelan specialists implemented by Rosneft together with Russian State University of Oil and Gas.

Within the meeting Igor Sechin and Eulogio Del Pino discussed possible cooperation with the ambit of normalization of the situation in the world oil market.

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 t.