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Home / News / Today's Headlines / Russia, Veneuela Ink Agreement on Junin 6 JV

01.04.2010

Russia, Veneuela Ink Agreement on Junin 6 JV

Russia and Venezuela signed an agreement on March 31 to establish a joint venture to develop the large Junin 6 oil field which has reserves of 53 billion barrels of oil, the Venezuelan Energy Ministry said, according to RIA-Novosti. 

This year, the field is scheduled to produce 50,000 barrels a day with daily production eventually reaching 450,000 barrels a day. 

The agreement was signed during the Sixth Sitting of the Intergovernmental Russian-Venezuelan high-Level Commission.

The Venezuelan state oil and gas company Petroleosde Venezuela (Pd VSA) and the Russian National Oil Consortium joined the JV. The Russian consortium includes Gazprom neft, Rosneft, LUKOIL, TNK-BP and Surgutneftegaz. 

According to an official release from the Venezuelan Energy Ministry, the Russian side has a 40 percent share of the project, and Venezuela controls the other 60 percent.

Copyright 2010, Oil and Gas Information Agency. All rights reserved. 

 

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