(Energy Analytics Institute, Ian Silverman, 14.Aug.2013) – PDVSA and Russia’s Rosneft signed an agreement to create the JV company Petrovictoria, which will operate Carabobo Block 2 in Anzoategui and Monagas states as well as Carabobo Block 4 in Monagas state.
The agreement was signed by Venezuela’s Minister of Energy and Petroleum Rafael Ramirez and Rosneft President Igor Sechin at the installations of the Petromonagas upgrader located in the Jose Antonio Anzoategui (CIJAA) in Barcelona in the municipal of Bolivar in Anzoategui state.
Once the final bilateral agreement is signed, Venezuelan President Nicolas Maduro will sign a transfer decree to initiate the first preparatory phase which consists of development of a delineation program, as well as the design and basic engineering of the production and upgrading installations.
Early production of 120,000 b/d from Petrovictoria is expected by the YE:17, however production from the JV is expected to progressively reach 400,000 b/d.
Petrovictoria will extract oil of 8 degrees API and upgrade it into a 42 degree API syncrude with the use of Rosneft technology.
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