Rosneft President Igor Sechin, right, and PDVSA Ingeniería y Construcción S.A. President Fadi Kabboul. Image courtesy of Rosneft.

Russia’s state-owned oil company Rosneft will pay Venezuela’s state-owned PDVSA a $440 million partial payment for access to the heavy-oil field PetroVictoria, Fox News Latino said Wednesday.

PetroVictoria is a joint-venture between PDVSA and Rosneft and owns the Carabobo-2 project in Venezuela’s Orinoco Belt.

Carabobo-2 reserves are certified at 30.660 million barrels, according to PDVSA’s website.

PDVSA owns a 60 percent stake in the project and Rosneft owns 40 percent.

This initial payment will grant Rosneft access to the oil field starting September 1.

All energy companies must pay an access bonus for the right to work in Venezuela.

The two companies also signed an agreement to launch drilling and engineering joint-ventures, Rosneft said Tuesday.

Rosfnet and Venezuela are also negotiating the construction of an LNG plant, they said.


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