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Rosneft starts production within the joint venture PetroVictoria

07 June 2017

Rosneft and the Venezuelan 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, which is located in the northern part of the Carabobo-2 block, is 472 barrels per day. After bringing the well on to stable production the rate will reach 800 barrels per day. As a part of the project development program, more than 570 wells will be drilled, which will allow increasing daily production up to 400 thousand barrels per day or about 25 million tons per year.

The project consists of two blocks «Carabobo-2 North» and «Carabobo-4 West» with a total area of 342 km2 and geological reserves of 33.2 billion barrels. (5.35 billion tons).

As part of the joint venture Rosneft and PDVSA plan to carry out the entire cycle of works on supplementary exploration and development of sites, construction of ground facilities and field pipelines.

The full-scale development of the PetroVictoria project is expected after 2020. In accordance with the plans for drilling and development projects, Rosneft expects a 5-fold oil output increase in Venezuela in the next 10 years - up to 12.5 million tons of oil equivalent.

Notes for editors:

In May 2013, Rosneft and Venezuelan Corporacion Venezolana del Petroleo (CVP), a subsidiary of PDVSA, signed an agreement to establish a joint venture PetroVictoria to develop heavy oil reserves in Venezuela as part of the «Carabobo-2/4» project. The shares in the joint venture are distributed between Rosneft and PDVSA in a proportion of 40% to 60%.

Rosneft and PDVSA are involved in several joint oil production projects in Venezuela. In addition to JV PetroVictoria, the parties conduct joint activities within the framework of Petromiranda, Petronomagas, Boqueron and Petroperia projects.

Oil production at the Company’s projects in Venezuela in 2016 amounted to 8.4 million tons, of which 2.67 million tons 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%, as well as the increase in production at PetroMiranda JV.

Rosneft Information Division
June 7, 2017