Rosneft bought the share of TNK - BP in a project in Venezuela

The largest Russian oil company, Rosneft, bought out the share of TNK - BP in the Petromonagas Venezuelan joint venture, announced Monday evening in Caracas the Venezuelan oil Minister, Rafael Ramirez.

TNK - BP currently owns 16.7% of the joint venture, while 83.3% of its shares belong to the Venezuelan PDVSA.

During the first half of 2013, Rosneft plans to finalize the transaction for the acquisition of 100% of TNK - BP for $ 45.1 billion and 12.84% of its shares.

Minister Ramirez has not disclosed the amount of the transaction regarding Petromonagas, indicating that it still had to be approved by the Venezuelan Government. Now the Petromonagas production volume amounted to 150,000 barrels per day, but the Government for bringing it to 250,000 barrels.

Petromonagas operates on a field with a total area of 185 km2 in the part of the Orinoco oil belt. In 2012, the production of the joint venture has exceeded 50 million barrels.