Rosneft to increase investments in Venezuela

Offshore staff

CARACAS, Venezuela – Rosneft has agreed to invest more than $14 billion in Venezuela's oil and gas sector according to Venezuelan President Nicolas Maduro.

Reuters has reported that Maduro made the announcement and also said the funding would aim to double Venezuela's oil production. State oil company Petroleos de Venezuela S.A. (PDVSA) want to double oil production to 6 MMb/d by 2019.

Reuters also notes that Rosneft invested $1.8 billion in 2010-2014, and it sees its own oil production in the country rising to 8 million metric ton per year (160,000 b/d) by 2019 from 1.6 million metric tons in 2014.

While the agreement includes heavy investment in the Orinoco belt, details of the plan were not released.

6/1/15

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