Venezuela’s state-owned oil and gas company PdVSA and Russian state oil company Rosneft have signed documents to form a joint venture, Petrovictoria, the giants told reporters.
The venture will oversee exploration and production of hydrocarbons at two fields in the Orinico Oil Belt in Venezuela.
Petrovictoria is expected to produce 120,000 barrels a day by 2016, and hopes to to eventually reach 400,000, Venezuela’s oil minister, Rafael Ramirez, said during a televised meeting with Rosneft head Igor Sechin, The Wall Street Journal reported.
Russia will control 40 percent of the joint venture, and plans to provide a $1.5 billion loan, and a separate $1.1 billion bond, to Venezuela for it.
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