Support The Moscow Times!

Venezuela Oil Off Target

Russia's five largest oil companies will fail to meet next year's crude production target for the Junin 6 project with Petroleos de Venezuela, said two officials at different companies with knowledge of the matter.

The Gazprom Neft-led group may produce no more than 10,000 barrels a day next year, the people said. Rosneft, LUKoil, TNK-BP and Surgutneftegas are partners.

In October, Deputy Prime Minister Igor Sechin pledged the Russian group, which owns 40 percent of the Junin 6 venture, would begin output in May and the field would produce 50,000 barrels a day by the end of next year.


Read more

Independent journalism isn’t dead. You can help keep it alive.

The Moscow Times’ team of journalists has been first with the big stories on the coronavirus crisis in Russia since day one. Our exclusives and on-the-ground reporting are being read and shared by many high-profile journalists.

We wouldn’t be able to produce this crucial journalism without the support of our loyal readers. Please consider making a donation to The Moscow Times to help us continue covering this historic time in the world’s largest country.