Official: Rosneft agrees to cut oil output of Venezuelan JV

KUWAIT CITY, Mar 27 (PRIME) -- Igor Sechin, CEO of Russian oil major Rosneft, has agreed with Venezuela’s proposal to cut output of Petromiranda, a joint venture with Venezuela’s PDVSA, Venezuelan Petroleum Minister Nelson Martinez told reporters on March 26.

Previously, Reuters reported citing sources familiar with the matter that the proposal included a reduction of output at several fields of the Orinoco Belt, including the deposit where Petromiranda produces oil.

“Yes…we are partners,” Martinez said when asked whether Sechin agreed to cut oil production.

“We have two or three joint ventures in Venezuela where we decreased production,” he said, adding that the joint slash of production, including Petromiranda’s output amounts to 60,000 barrels a day.

Besides Petromiranda, Rosneft and PDVSA also have joint ventures Petrovictoria, Petromonagas, Boqueron, and Petroperija in Venezuela.

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