Venezuela, Russia Joint Oil Venture Seen Producing By May

- October 6th, 2011

Fox Business reported that a joint venture between Petroleos de Venezuela and a consortium of Russian companies is expected to start producing crude in the Orinoco heavy oil belt by May.

Fox Business reported that a joint venture between Petroleos de Venezuela and a consortium of Russian companies is expected to start producing crude in the Orinoco heavy oil belt by May.

As quoted in the market news:

Eventually, 34 wells will be drilled at the Orinoco’s Junin 6 bloc, which is slated to begin producing 50,000 barrels of crude by next year. “It’s one of the biggest fields we have,” Ramirez told reporters, adding that it has potential for 450,000 barrels per day.

The Junin 6 bloc is 60% owned by PdVSA, as the state energy monopoly is known, while the Russian consortium made up of OAO Rosneft (ROSN.RS), Surgutneftegaz JSC (SGTZY), TNK-BP Holdings (TNBP.RS), Lukoil Holdings (LUKOY) and Gazprom Neft (GZPFY) holds the remaining 40%.

Click here to read the full Fox Business report

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