Russia's Gazprom Neft, the oil arm of state-controlled energy giant Gazprom, wants to start oil production at the Junin-6 block in the oil-rich Orinoco River belt in Venezuela in 2013, CEO Alexander Dyukov said on Thursday.
"We are discussing a possible launch of early production in 2013 with the Venezuelans," Dyukov told an annual shareholders meeting, adding that Gazprom Neft planned to make exploratory drillings at the deposit in 2011.
Junin-6 is developed by the National Oil Consortium (NOC), which includes Russia's large oil companies Gazprom Neft, Rosneft, TNK-BP, Surgutneftegas and LUKoil. The NOC plans to develop Junin-6 Block as part of a joint venture with Venezuelan state-controlled oil company PdVSA, or Petroleos de Venezuela, Sociedad Anonima, which has a 60 percent stake in the joint venture.
Geological reserves of the Junin-6 block are 52.6 billion barrels of oil, while recoverable reserves amount to 10.96 billion barrels. The block area totals 447.85 square kilometers.
MOSCOW, June 9 (RIA Novosti)