5 Apr 2010 15:51

Venezuelan-Russian JV

MOSCOW. April 5 (Interfax) -Sergei Funygin, the head of TNK-BP's projects in Venezuela, and Kseniya Baumgarten, a deputy general director of National Oil Consortium (NNK), have been named to the board of directors of Russian-Venezuelan joint venture PetroMiranda, a source at one of the project participants told Interfax.

The Venezuelan side will have three seats on the five-member board.

It was reported earlier that NNK, the consortium of Russian energy companies in Venezuela, and Corporacion Venezolana del Petroleo (CVP), a subsidiary of national oil company PDVSA, registered the PetroMiranda JV to develop the Junin-6 block in the Orinoco oil belt on April 2, 2010. NNK has paid the first tranche of the bonus - $600 million - to Venezuela. The remaining $400 million will be paid once oil production begins.

Russian Energy Minister Sergei Shmatko and Venezuelan Energy and Petroleum Minister Rafael Ramirez signed an agreement on implementation of new oil and gas projects on April 2, 2010. The agreement on new projects provides for inclusion of the Ayacucho-2, Ayacucho-3 and Junin-6 blocks. The bonus for those projects may total $1 billion.

CVP has a 60% stake in PetroMiranda and NNK has 40%.

NNK includes Gazprom Neft , Surgutneftegas , Lukoil , TNK-BP and Rosneft , each with a 20% stake.