Rosneft, PDVSA unit to form Orinoco JV

Rosneft and a subsidiary of Petroleo de Venezuela SA have signed an agreement to form a joint venture to develop heavy oil resources in Venezuela’s Orinoco belt.

The Russian company will hold a 40% interest, and Corporacion Venezolana del Petroleo (CVP) will hold 60% in the venture formed for the Carabobo-2 project.

The venture will develop resources estimated at 40 billion bbl of heavy oil on the Carabobo-2 North and Carabobo-4 West blocks, covering 342 sq km.

Work envisioned under the venture includes exploration and development and construction of ground facilities and pipelines. An upgrader is planned.

According to Rosneft, production will peak at more than 400,000 b/d.

Rosneft is to pay CVP a two-part bonus totaling $1.1 billion and offer it a loan of $1.5 billion.

The companies also signed a confidentiality agreement providing Rosneft access to geological data on blocks off Venezuela for possible future cooperation.

Related Articles

Myanmar awards exploration blocks

03/26/2014 Myanmar’s energy minister has announced winners for 20 of the 30 offshore blocks that have been available since its auction launch in April 2013.

Financial questions seen for US shale gas, tight-oil plays

03/25/2014 Financial problems of operators in US shale gas and tight oil plays might hold production growth below current expectations, according to the autho...

BOEM: Firms bid $850 million in high bids in central gulf lease sale

03/24/2014 The US Bureau of Ocean Energy Management reported that its central Gulf of Mexico Lease Sale 231 received 380 bids from 50 companies on 326 blocks,...

Statoil makes gas find on flank of Visund field in North Sea

03/24/2014 Statoil Petroleum AS has made a natural gas discovery on the northeast flank of Visund field in the northern part of the North Sea, the Norwegian P...

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected