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Rosneft, PDVSA start Carabobo-2 flows

Russian and Venezuelan partners begin early output at Orinoco project, Rosneft profit drops despite output spike

Rosneft and PDVSA have started up the Carabobo-2 pilot project in Venezuela where the joint venture partners are aiming for full field development in the next decade.

The Russian giant and state player PDVSA started production from the CHV-02 well on the project in the Orinoco oil belt, Rosneft said on Friday.

“Initial well flow rate was 472 barrels per day. Flow rate after the well stabilization will be 800 bpd. Full scale development of Carabobo project is planned after 2020,” Rosneft said.

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Moscow-based Rosneft has a 40% stake in the Carabobo-2 project through its involvement with PDVSA in the PetroVictoria joint venture.

Rosneft also said it posted a net profit in the second quarter of 68 billion roubles ($$1.13 billion) as against 91 billion a year earlier and 13 billion roubles in the first quarter.

Revenues in the latest period were 1.4 trillion roubles, up from 1.23 trillion roubles a year ago and 1.41 trillion roubles in the first quarter.

The company posted a 9.3% year-on-year rise in production in the quarter of 5.7 million barrels of oil equivalent per day as against 5.22 million boepd, mainly due to the acquisition of Bashneft. Liquids production was up 11.1% and gas output was up 2.9%.