PDVSA, Russian firms agree $18 billion Junin 6 JV

摘要

Caracas-Venezuela's state oil company PDVSA said February 1 that it and a consortium of Russian oil companies will invest $18 billion for development and production in Junin 6, a block in the country's oil-rich Orinoco extra heavy crude belt.The Russian partners are to pay a $1 billion cash award up front to participate in Junin 6. The bonus will go to the Republic of Venezuela, not to the state oil company, PDVSA said in a press release.