Rosneft looking to increase stake in Venezuelan JV

Orinoco BeltRosneft is looking to increase its share in its joint venture with Venezuela’s state-run PDVSA Petromonagas to 40% from 16.67% within the next three months. The two companies joined forces earlier this year to develop part of the Orinoco Belt the giant complex of oil fields which extends over more than 55,000km² in the southeastern part of the country with proven and probable reserves thought to exceed 220bn barrels.