Kommersant learned about the request of Venezuela to Rosneft on production cuts

Venezuelan state oil company Petroleos de Venezuela Sociedad Anonima (PDVSA) has sent to its partners, including the Russian Rosneft, the letter with the requirement to reduce the production of hydrocarbons in the Orinoco belt. About it writes “Kommersant” with reference to sources in the industry.

According to the interlocutor of the edition, we are talking about almost a complete halt in production from the projects, the joint venture Petromiranda, where “Rosneft” — 32%, “Gazprom oil” — 8%, and the rest is owned by PDVSA. Also limit the extraction of the Venezuelan company intends on projects Petrourica, which makes the Chinese CNPC and the joint venture with Italy’s Eni Petrojunin.

The source explained that PDVSA has taken such a step since he began to show a negative trend in compliance with the provisions of the agreement on OPEC production cuts, the cartel which peaked in November 2016. According to the International energy Agency, by February 2017, the company fulfilled its obligations to reduce production by only 18%.

“Rosneft” and “Gazprom Neft” has refused comments. Also, the newspaper sent a request to the Russian Embassy in Venezuela, however, at the time of publication of the material response was not received. The Ministry of energy of Russia in conversation with the correspondent of the edition has underlined that the official information on the subject has not yet been received.

JV Petromiranda was launched in 2010. In addition to “Rosneft”, “Gazprom” and PDVSA, it included LUKOIL, Surgutneftegaz and TNK-BP. The total investment was estimated at $20 billion In 2015, LUKOIL and Surgutneftegas sold their shares of “Rosneft” together for 14 billion rubles, the share of TNK-BP went to “Rosneft” after merge.