Rosneft says does not expect JV with PDVSA to cut production

MOSCOW, Feb 5 (PRIME) -- Russian oil major Rosneft does not expect its joint ventures with Venezuela’s PDVSA to reduce hydrocarbon production in 2019, Rosneft Vice President Eric Liron said in a conference call on Tuesday.

“Among åðó key upstream assets, we may single out our assets in Venezuela that have an exceptional resource base and where we do not expect our joint projects with PDVSA to reduce production in 2019, despite the tendencies that are emerging in the country,” he said.

“We are constantly monitoring the political and economic situation in Venezuela, and we see the current instability of the political situation in the region as a temporary event that does not have a significant impact on the existing projects.”

In Venezuela, Rosneft owns 40% in joint venture Petromonagas, 32% in joint venture Petromiranda, 40% in joint venture Petroperija, 26.67% in joint venture Boqueron, and 40% in joint venture PetroVictoria. The company also owns 100% in a gas project for the Mejillones and Patao shelf fields, 100% in oilfield servicing company Precision Drilling, and 51% in oilfield servicing company Perforosven.

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