Venezuela and Russia expect to produce 450 thousand barrels per day together
 Photo: File, - RBV.info. |
The agreement was signed by the head of the Venezuelan Petroleum Corporation, Leon, and his counterpart Russian National Oil Consortium, Valery Rusakov.
Present at the ceremony were Minister of People's Power for Energy and Petroleum and PDVSA President Rafael Ramirez and the head of the Russian government Vladimir Putin.
A press release by the state oil emanated explains that the Junin Block 6 covers some 448 square kilometers and its reserves have been estimated at 52.7 billion barrels of original oil in place.
The statement stresses that it is anticipated that this project investments reached 18 billion dollars.
The Minister Rafael Ramirez noted that this agreement represents the first time in history that two oil giants, such as Venezuela and Russia join forces together to produce large volumes of crude.
For his part, Putin said that this agreement represents the result of the integration between these two nations.
"Today we conclude the work started a year ago to create the conditions for the joint exploitation of Junin 6, one of the largest oilfields in the world. This is the beginning of an important joint work and I'm sure it will provide the respective dividends to our Venezuelan colleagues and their Russian partners, "said
The joint venture will consist of PDVSA, which will own 60 percent of the shares and the Russian consortium consisting of Rosneft, Lukoil, Gazprom Neft, TNK-BP and Surgoutneftgaz, the remaining 40%.
The statement added that Russian society will pay an entry bond billion dollars to Venezuela and that this project will be submitted to the National Assembly that this issue is authorized, in accordance with the provisions of the Organic Law of Hydrocarbons.
Venezuela - Economy
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