targeted at 50,000 barrels per day and will subsequently be ramped up to
450,000 bpd from the field, which holds about 53 billion barrels of oil
reserves, according to partner Lukoil.
privately-owned Russian giant is participating together with compatriots
Rosneft, TNK-BP and Gazpromneft in the National Oil Consortium that has a 40%
stake in field operator PetroMiranda, with PDVSA holding the remaining 60%.
Russian company, Surgutneftegaz, decided this week to exit the consortium, set
up by the Russian government to exploit the Orinoco asset, with its 20% stake
set to be shared between the four remaining partners.