Interfax cited Mr Igor Sechin president of Rosneft as saying that Russian Oil Company figures reserves at the Carabobo-2 block in Venezuela will increase 70%.

Mr Sechin said "Last year in Venezuela, in addition to the existing Hunin-6 project, we concluded a memorandum on joining the Carabobo-2 project. That is forty billion barrels of geological reserves. The first results achieved after the drilling of a strategraphic well in Venezuela showed the exceeding of forecasts for reserves in these deposits of almost 70%. We will begin drilling the first production well in the near future."

Rosneft announced earlier that recoverable oil resources at Carabobo-2 amounted to 8 billion tonnes.

Last December, Rosneft and Petroleos de Venezuela SA set up a joint venture for Carabobo-2 development Rosneft getting a 40% stake in the enterprise.

The Carabobo-2 project includes the fields Carabobo-2 North and Carabobo-4 West which are located in the Orinoco River belt. Top commercial oil production about 25 million tonnes per year.

Source - Interfax

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