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Russia's Rosneft Expects 5-Fold Rise of Oil Production in Venezuela Over Decade

Sputnik International

Russia’s oil giant Rosneft said in a statement Wednesday that the company expects its oil production in Venezuela to increase five-fold over the next 10 years... 07.06.2017, Sputnik International

2017-06-07T21:13+0000

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Russia's Rosneft Expects 5-Fold Rise of Oil Production in Venezuela Over Decade

21:13 GMT 07.06.2017

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Russia’s oil giant Rosneft said in a statement Wednesday that the company expects its oil production in Venezuela to increase five-fold over the next 10 years - up to 12.5 million tonnes of oil equivalent.

Venezuela Backs Russian-Saudi Bid on 9-Month Extension of Oil Output Cuts Deal

16 May 2017, 16:49 GMT

MOSCOW (Sputnik) — According to Rosneft, in 2016, the oil production at company’s joint projects in Venezuela stood at around 8.4 million tonnes, of which Rosneft’s share amounted to 2.67 million tonnes.

The statement added that Rosneft and Venezuela’s state-owned oil and gas company Petroleos de Venezuela (PDVSA) have started experimental-industrial oil production within their PetroVictoria joint project.

Apart from PetroVictoria, Rosneft and PDVSA carry out such joint projects as Petromiranda, Petromonagas, Boqueron and Petroperija in Venezuela.