“Rosneft” and Venezuela discussed the coordination of normalizing the situation in the oil market

MOSCOW, 2 February. Chairman of the Board of JSC “NK “Rosneft” Igor Sechin held a working meeting with Minister of oil and mines of the Bolivarian Republic of Venezuela, the head of the company PDVSA of Eulogio del Pino, said in a statement.

“During the meeting Igor Sechin and Eulogio del Pino discussed possible coordination of efforts to normalize the situation on the world oil market”, – stated in the message.

On Monday, the Minister of energy Alexander Novak confirmed the readiness to participate in joint consultations with the countries-oil producers within and outside OPEC, in the case of their conduct. This was announced by the energy Ministry after the meeting with the Novak Eulogio del Pino.

At the meeting in “Rosneft” the parties noted with satisfaction the quality of implementation of joint projects in the field of “Exploration and production”. Effective participation of Rosneft in asset management resulted in a significant increase of volumes of extraction of hydrocarbons, both on Mature fields and in new projects. Quality-designed investment strategy can provide a positive financial return from joint projects, despite the challenging macroeconomic environment, says Rosneft.

In addition, Rosneft and PDVSA will continue the joint analysis of the potential of cooperation in promising areas of the continental shelf of Venezuela (in accordance with Memorandum signed at the St. Petersburg international economic forum in 2015). The parties also paid attention to the theme of partnership in the field of petrochemical industry, which will improve the economic efficiency of joint ventures.

In addition, the head of “Rosneft” and the head of PDVSA discussed during the meeting cooperation in the field of marketing oil, which is currently implemented through two long-term contracts for the supply of hydrocarbons.

Currently Rosneft and PDVSA participate in 5 joint projects in oil production in Venezuela: project Carabobo-2,4 (SP “Petrofactory”) – CVP (subsidiary of PDVSA) (60%), JSC “NK “Rosneft” (40%), project Junin-6 (JV “Petrogrand”) – CVP (subsidiary of PDVSA) – 60%, OOO “NOC” – 40%, JV “Petromonagas” -CVP (subsidiary of PDVSA) – 83,3%, “Rosneft” – 16,7%, JV “Boqueron” – CVP (60%), “Rosneft” (26,67%), OMV (13,33%), SP “Petroperu” – CVP – 60%, “Rosneft” – 40%. The total geological oil reserves of these projects are estimated at over 20.5 billion tons.