29 Sep '12, 4pm

Russia’s Rosneft to invest $16B to develop Carabobo 2 extra-heavy crude in Venezuela; first oil from Junin

Russia’s Rosneft to invest $16B to develop Carabobo 2 extra-heavy crude in Venezuela; first oil from Junin

Russia’s Rosneft to invest $16B to develop Carabobo 2 extra-heavy crude in Venezuela; first oil from Junin 29 September 2012 Russian oil and gas major Rosneft, 75% owned by the government, will invest $16 billion in a planned joint venture project with Venezuela’s state oil and gas company PDVSA to develop the Carabobo 2 block in the southern Orinoco extra-heavy crude belt in Venezuela, according to Rosneft CEO Igor Sechin. Rosneft will hold a 40% stake in the joint venture. Daily crude oil production is expected to be approximately 450,000 barrels per day, according to Rosneft. The Carabobo-2 project comprises the Carabobo-2 North and Carabobo-4 West blocks in the Orinoco belt. Oil-in-place at the blocks is approximately 6.5 billion tonnes. The Orinoco Belt contains heavy and extra-heavy oil with a range of gravities from 4 to 16 degrees API (a measure of density) as well...

Full article: http://www.greencarcongress.com/2012/09/carabobo-20120929...

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