Rosneft not yet looking for new projects in Venezuela, busy with Carabobo-2
MINERALNYE VODY. Dec 1 (Interfax) - Rosneft is conducting negotiations on developing the Carabobo-2 block and as of yet has no plans to look for new projects in Venezuela, Rosneft President Eduard Khudainatov told journalists.
"Carabobo-2 is a block with 5 billion tonnes of oil reserves. For the record: Rosneft has equal reserves," he said.
The company's investments in the project require both bonus payments and loans for developing the block. "The amounts that Rafael Ramirez (head of PDVSA and Venezuela's oil minister) called for are logical," Khudainatov said.
The development of Carabobo-2 requires serious investment because the project is technologically complex, he said. At the same time, the project assumes the possibility of so-called early oil production. "There is the possibility of early light oil production, which will require special technology and additional investment. There is also heavy oil, the production of which will begin when light oil runs out. This stage will require steam generators and upgraders - that is, plants that refine that oil," he said.
At the same time, this project is attractive from the point of view of oil logistics and proximity to energy resource consumers, he said.
"The investments are very serious, but the logistics and the consumer market are in the vicinity. Besides, the main oil consumer - the United States - is also nearby. And this is very interesting. All of this will provide a very nice income," Khudainatov said.
Press reports have said with reference to Ramirez that Rosneft will pay PDVSA $1.2 billion and extend it a loan of $1 billion for access to Carabobo-2.
Russia's National Oil Consortium, which includes Rosneft, Surgutneftegas , Lukoil , Gazprom Neft and TNK-BP , develops the Junin-6 block in Venezuela.
