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Russia and Venezuela Agree to Boost JV Oil Production

OIL

Russia and Venezuela have outlined ways to increase co-operation in energy projects and boost oil production volumes according to Russian Deputy PM Alexander Novak.

  • "Joint projects in the area of oil production are being successfully implemented, and we have outlined ways here for further collaboration and increasing volumes of production," Novak said following a meeting between officials from the two nations today.
  • Novak said that the JVs in Venezuela produced 35 million barrels of oil last year, and they are currently exceeding this year’s plan by 16%, without offering a volume.
  • The two nations are also exploring opportunities to develop gas though said legal issues may hamper this.
  • "There are prospects for collaborating in the gas industry. However, the old enterprise is currently undergoing legal liquidation. Following this, it would be possible to discuss some specific fields. The old issues that have accumulated are being resolved," Novak said.
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