Venezuela and Russia to develop Carabobo 2 oil field

Sep 28, 2011 12:00 AM

Venezuela and Russian oil companies will develop the Carabobo 2 block in the Orinoco belt, President Hugo Chavez said.
Carabobo 2 was the only block not awarded in a bid round in February 2010 where groups led by Chevron and Repsol-YPF won the rights to develop heavy oil fields as minority partners with Petroleos de Venezuela.

PdVSA and a group of Russian oil companies are developing the Junin 6 field which may begin production of 50,000 bpd in May 2012.

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