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Venezuela and Russia's joint venture oil field to reach 400,000 barrels per day
Jun 09, 2017

Venezuelan newspapers such as “The Cosmopolitan News” and other media reported on June 7 that Petrovicia, a joint venture between Venezuela and Russia in the heavy oil belt, was successfully produced, with an initial production of 800 barrels per day. The equity structure of the oil field is 60% for Venezuela and 40% for Rosneft. The Venetian side expects that the oil field block reserves will be about 15.59 billion barrels, a total of 571 oil wells, with an average daily output of 700 barrels per well. It is estimated that the output in the future can reach 400,000 barrels per day.