SME Times is powered by   
Search News
Just in:   • Sensex closes 485 pts up, Nifty crosses 8k mark  • Two-day G7 summit starts in Japan  • Karnataka nod for Biocon, Pepsico investments  • Bosch investing Rs.770 cr for capacity expansion in India  • Myanmar tries to attract investment in less-developed regions 
Last updated: 27 Sep, 2014  

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

oil.jpg
   Top Stories
» 'RBI moderating extreme currency volatility with interventions'
» Cabinet approves National Capital Goods Policy
» Govt determined to push through GST Bill in next session: FM
» India's foreign trade policy focuses on Iran: Official
» GST Bill likely to be passed by RS in next session: Fin Min
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
66.90
65.85
UK Pound
96.35
94.20
Euro
75.95
74.10
Japanese Yen 61.15 59.75
As on 26 May, 2016
  Daily Poll
Will new National IPR Policy foster innovation, R&D?
 Yes
 No
 Can't Say
  Commented Stories
» Starting an import export business: Basic guide for beginners(10)
» New IPR policy(2)
» DHFL to introduce innovative products, services for SMEs soon: CEO(2)
» Govt lists tax benefits given to boost growth, jobs(2)
» 'Growing labour cost trimming India's competitiveness globally'(1)
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter