During his business trip to Venezuela, Rosneft Chief Executive Officer Igor Sechin was hosted by the President of the Bolivarian Republic of Venezuela Nicolas Maduro. A wide range of issues were discussed at the meeting, including current cooperation of Russian and Venezuelan companies as well as expanding strategic partnership in exploration and production projects. The parties expressed their satisfaction with the level of cooperation and the progress in implementation of joined projects.

During the trip to Venezuela Igor Sechin also held a meeting with the Oil minister of the Bolivarian Republic of Venezuela and the head of the state oil company PDVSA Manuel Quevedo. The parties discussed in detail the prospects of cooperation between Rosneft and PDVSA in operating activities, oil and oil product trading, energy production and petrochemistry, oilfield services, as well as PDVSA’s potential involvement in Rosneft’s international projects.

Rosneft’s plans to develop fields offshore Venezuela were highly appreciated by Venezuelan government. On December 16, in the presence of Nicolas Maduro Manuel Quevedo signed a directive to grant a 30-year production license for Patao and Mejillones offshore fields to Groupo Rosneft, a 100 percent subsidiary of Rosneft. According to the license Groupo Rosneft will be the project operator and will be able to export all produced volumes, in the form of LNG among other options. The license holder will prepare conceptual and basic designs, based on which the Ministry will approve the field development plan. The gas reserves in place for the two fields are 180 bcm. The targeted production level is 6.5 bcm of gas per year throughout 15 years.

Notes for editors:

Rosneft and PDVSA are involved in several joint oil production projects in Venezuela. The parties conduct joint activities within the framework of Petromiranda, Petromonagas, Petrovictoria, Boqueron and Petroperija projects. Initial oil reserves in place for these projects are in excess of 20.5 bmt.

In June 2017, Rosneft and PDVSA started pilot production as part of the joint venture Petrovictoria in the Orinoco oil belt. The initial daily production rate of the well CHV-02 is 472 bpd. After bringing the well on to stable production the rate will reach 800 bpd.

Oil production at the Company’s projects in Venezuela in 2016 amounted to 8.4 mtoe, of which 2.67 mtoe is in Rosneft’s share. Production growth in the Company’s share is due to the increase of its share in the Petromonagas project from 16.67 to 40 percent, as well as the increase in production at Petromiranda JV. 

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