Russia-Venezuela Oil Venture Said Set to Miss 2012 Output Target
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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 SA, said two company officials with knowledge of the matter.
The OAO Gazprom Neft-led group may produce no more than 10,000 barrels a day next year, about 20 percent of the planned level, said the people, who work at different companies and who declined to be identified because the matter is sensitive. State-run OAO Rosneft, OAO Lukoil, TNK-BP and OAO Surgutneftegas are partners.