OREANDA-NEWS. Rosneft doesn't expect a significant reduction in production in 2019 at joint projects with PDVSA in Venezuela. At the same time, production on these projects, despite the difficult situation in the country, increased by 7% in 2018. This was announced by the head of the company, Igor Sechin, speaking at the annual meeting of shareholders of Rosneft. "We don't expect a significant decrease in production in 2019 on joint projects with PDVSA. Last year, despite the difficult situation, production growth at the company's fields in Venezuela was 7%", he said.

Rosneft is one of the largest investors in Venezuela. The Russian company is implementing joint oil exploration and production projects with the state oil and gas company Venezuela PDVSA: Petromiranda, Petrovictoria, Petromonagas, Boqueron and Petroperija. According to Rosneft, the total geological oil reserves of these projects are estimated at more than 20.5 billion tons. The companies also have the Perforosven oil service joint venture.

In addition to the implementation of oil projects, Rosneft is also interested in Venezuela’s gas fields. At the end of 2017, the country's authorities issued Rosneft subsidiary licenses for the development of offshore fields Patao and Mekhilones for a period of 30 years. To implement the project for the extraction, preparation and monetization of natural gas on the basis of these fields, it was also planned to establish a joint venture with PDVSA. The target production level is 6.5 billion cubic meters of gas per year for 15 years.

Earlier, Rosneft planned in 2019 the implementation of a program of geological exploration in Iraqi Kurdistan. This was announced by the head of the company Igor Sechin at the annual meeting of shareholders of the Company.