SME Times is powered by   
Search News
Just in:   • India marks 50 years of ITEC development aid programme  • Odisha's 57-MT iron ore output cap in 2014-15  • SpiceJet commences Diwali sales, offers tickets at Rs.899  • Odisha expects record rice output  • Cairn India Q2 net falls 33 pc to Rs.2,278 cr 
Last updated: 27 Sep, 2014  

Russia.9.Thmb.jpg Russian oil firm to invest $10 bn in Venezuela

oil.jpg
   Top Stories
» Bill to implement GST in winter session: FM
» India, Nepal finally sign power trade agreement
» 'India favours democratisation of global affairs of telecom'
» 'Coal block reallocation must give level-playing field'
» Govt to bring ordinance to re-auction coal blocks
IANS/RIA Novosti | 31 Jan, 2013
Russian state-owned oil company Rosneft's investment in current projects in Venezuela has reached a total of $10 billion, the company's president said Wednesday.

Igor Sechin said Russia's share in production will amount to 15 million metric tonnes annually.

Russian companies currently take part in five production projects in Venezuela, including the Junin-6 and Carabobo-2 oil blocks.

Rosneft said it will lead the Russian consortium that runs Junin-6, a project developed jointly with Venezuela's state energy monopoly PdVSA.

Rosneft earlier said it has signed a deal to acquire private oil firm Surgutneftegas's stake in the National Oil Consortium developing the Junin-6 oil field.

Before the deal, the National Oil Consortium comprised Russia's large oil companies Gazprom Neft, Rosneft, TNK-BP, Surgutneftegas and LUKoil, each holding equal stakes.

Surgutneftegas announced in November 2012 that it planned to sell its stake in the consortium. There were reports that TNK-BP might also quit the project.

The National Oil Consortium holds a 40 percent interest in the Junin-6 project while Venezuela's state oil and gas company PDSVA owns 60 percent.

The 447.85 square km Junin-6 block is located in the Orinoco Belt, and has geological reserves of 52.6 billion barrels of oil, with 10.96 billion barrels of recoverable reserves.

Total development costs for Junin-6 are estimated at nearly $25 billion.

At peak production, the field is expected to produce up to 450,000 barrels per day (about 22.5 million tonnes of oil per year), according to information on the Gazprom Neft website.

 
Print the Page Add to Favorite
 
Share this on :
 

Please comment on this story:
 
Subject :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

 
  Customs Exchange Rates
Currency Import Export
US Dollar
62.30
61.30
UK Pound
101.25
99.00
Euro
79.00
77.10
Japanese Yen 56.90 55.55
As on 22 Oct, 2014
  Daily Poll
Will PM's 'Come and make in India' mantra spur economic growth?
 Yes
 No
 Can't say
  Commented Stories
» Making Indian MSMEs globally competitive(15)
» PM's 'Mann Ki Baat': Govt may ease MSME registration process(7)
» Starting an import export business: Basic guide for beginners(7)
» Labour reform - a step taken forward(5)
» Late payment: RBI move not enough for SMEs(5)
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter