(MENAFN- Qatar News Agency) Leader of Russia's petroleum industry, Rosneft, and State-energy monopoly Petroleos de Venezuela, PdVSA, have signed founding documents to set up PetroVictoria, a joint venture to develop the Carabobo-2 oil field, Rosneft sources told Tass on Friday.
The recoverable reserves of Carabobo-2 are estimated at 700 million tons. Rosneft has a 40-percent stake in the project.
The Carabobo-2 project includes the sections Carabobo-2 North and Carabobo-4 West with the reserves of 40 billion barrels (6.5 billion tonnes). It is expected that about 400,000 barrels of oil will be produced daily.
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