ROSNEFT & PDVSA COOPERATION
February 2, 2016 A working meeting took place between Igor Sechin and Eulogio Del Pino
Rosneft Chaiman of the Management Board Igor Sechin held a working meeting with the Minister of Petroleum and Mining of the Bolivarian Republic of Venezuela, President of PDVSA, Eulogio Del Pino.
The parties were pleased to emphasize the quality of implementation of joint upstream projects. Efficient joint efforts in the assets' management enabled to reach remarkable increase of hydrocarbon production volumes both at brownfields and greenfields. Well-elaborated investment strategy provides favorable financial outcome from joint projects despite the challenging macroeconomic environment.
Rosneft and PDVSA discussed the status of implementation of the Memorandum, signed within SPIEF-2015, envisaging the cooperation at perspective fields of the Venezuelan shelf.
The parties also paid attention to the partnership in the petrochemical industry, which will enable increasing economic efficiency of joint ventures.
Eulogio del Pino expressed his gratitude to Igor Sechin for Rosneft's active implementation of social programs in Venezuela as well as investments in construction of cultural sites and sports infrastructure. In particular, a sports hall for the combat sports is currently being constructed in the city of Sabaneta. The Chief of PDVSA also emphasized the importance of educational programs for Venezuelan specialists implemented by Rosneft together with Russian State University of Oil and Gas.
Within the meeting Igor Sechin and Eulogio Del Pino discussed possible cooperation with the ambit of normalization of the situation in the world oil market.
Currently Rosneft and PDVSA cooperate in implementation of 5 joint upstream projects in Venezuela:
- Project Carabobo-2,4 (JV Petrovictoria) - CVP (PDVSA subsidiary) - 60% , Rosneft - 40%
- Project Junin-6 (JV PetroMiranda). CVP (PDVSA subsidiary) - 60%, NOC - 40%
- JV PetroMonagas. CVP (PDVSA subsidiary) - 83.3%, Rosneft - 16.7%
- JV Boqueron. CVP (PDVSA subsidiary) - 60%, Rosneft – 26.67%, OMV -13.33%
- JV Petroperija. CVP (PDVSA subsidiary) - 60%, NOC - 40%
Total geological oil reserves of these projects are estimated more than 20.5 bln t.
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WNA - Apart from adding capacity, utilisation of existing plants has improved markedly since 2000. In the 1990s capacity factors averaged around 60%, but they have steadily improved since and in 2010, 2011 and 2014 were above 81%. Balakovo was the best plant in 2011 with 92.5%, and again in 2014 with 85.1%.
WNA - India has a flourishing and largely indigenous nuclear power programme and expects to have 14.6 GWe nuclear capacity on line by 2024 and 63 GWe by 2032. It aims to supply 25% of electricity from nuclear power by 2050.
WNA - Mainland China has 38 nuclear power reactors in operation, about 20 under construction, and more about to start construction. The reactors under construction include some of the world's most advanced, to give a 70% increase of nuclear capacity to 58 GWe by 2020-21. Plans are for up to 150 GWe by 2030, and much more by 2050.
PLATTS - "The domestic uranium mining industry needs US government assistance to survive the foreign onslaught -- particularly from Russia and Kazakhstan -- that has undermined the US uranium industry while new players -- particularly China -- will soon make the situation worse," Energy Fuels and Ur-Energy said in a petition they jointly filed with the department.