Russia's Rosneft Expects 5-Fold Rise of Oil Production in Venezuela Over Decade

Russia’s oil giant Rosneft said in a statement Wednesday that the company expects its oil production in Venezuela to increase five-fold over the next 10 years - up to 12.5 million tonnes of oil equivalent.

MOSCOW (Sputnik) — According to Rosneft, in 2016, the oil production at company’s joint projects in Venezuela stood at around 8.4 million tonnes, of which Rosneft’s share amounted to 2.67 million tonnes.

The statement added that Rosneft and Venezuela’s state-owned oil and gas company Petroleos de Venezuela (PDVSA) have started experimental-industrial oil production within their PetroVictoria joint project.

Apart from PetroVictoria, Rosneft and PDVSA carry out such joint projects as Petromiranda, Petromonagas, Boqueron and Petroperija in Venezuela.