Russian-state Rosneft has terminated its operations in Venezuela, selling its interest in Venezuelan businesses, including joint ventures Petromonagas, Petroperija, Boqueron, Petromiranda, and Petrovictoria, as well as oilfield services companies and commercial and trading operations. All assets and trading operations of Rosneft in Venezuela or connected with Venezuela will be disposed of, terminated, or liquidated.
Petromonagas, a joint venture between Rosneft (40%) and Petroleos de Venezuela SA (PDVSA), operates a 150,000-b/d heavy oil upgrader in the Orinoco oil belt. The site has been blending Orinoco bitumen with Mesa crude to produce Merey-grade crude.
Petromiranda, another 40-60 Rosneft-PDVSA JV, projected production as high as 450,000 b/d of extra-heavy crude from the Junin-6 section of the Orinoco belt. More recent production was closer to 5,000 b/d. Junin-6 contains as much as 500 billion bbl of oil (OGJ Online, Apr. 16, 2010).
Petrovictoria focused on developing the Carabobo-2/4 Orinoco project. Rosneft (40%) and PDVSA (60%) began pilot production at Carabobo-2 in 2017 (OGJ Online, June 15, 2017).
Rosneft also owned 40% of the Petroperija and 26.67% of the Boqueron oil production projects.