Russia’s Rosneft signs deal on 23.3% in heavy oil JV with PDVSA

MOSCOW, Feb 20 (PRIME) -- Russian state-run oil major Rosneft and Venezuelan state oil company PDVSA have signed main conditions of a Rosneft’s deal to buy 23.3% in Petromonagas, a joint venture with PDVSA for production of ultra-heavy oil, Rosneft said in a statement Saturday.

“The document reflects indicative terms and conditions in relation to the equity acquisition. Currently Rosneft owns 16.67% in this joint venture, after the transaction is completed Rosneft will increase its stake to 40% of the joint venture and PDVSA participation will be reduced to 60%,” the company said.

Currently, Petromonagas produces more than 130,000 barrels of ultra-heavy oil per day. Besides Petromonagas, Rosneft also has other joint ventures with PDVSA in Venezuela, including Petrovictoria, PetroMiranda, Boqueron, and Petroperija.

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