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  HOME | Venezuela (Click here for more Venezuela news)

Venezuela and Russia Sign New Oil and Gas Agreements (VIDEO)
Rosneft and Pdvsa are partners in five joint ventures: Petromonagas, SA, Petromiranda, SA, Boquerón, SA, Petroperijá SA, and Petrovictoria

CARACAS -- Venezuela President Nicolas Maduro met with Russia state controlled oil company Rosneft head Igor Sechin near Venezuela's main international airport. According to state media, they met "to evaluate the cooperation in gas and oil matters, signed with the state oil company Petróleos de Venezuela (PDVSA)."

Maduro's press office reports that new agreements were signed between Rosneft and PDVSA. Those agreements were signed by Sechin and Venezuela's state owned oil company PDVSA head Major General Manuel Quevedo. Quevedo is also Minister of Oil and Mining.

Rosneft and Pdvsa are partners in five joint ventures: Petromonagas, SA, Petromiranda, SA, Boquerón, SA, Petroperijá SA, and Petrovictoria. In more than 15 years of cooperative relations, between Venezuela and Russia, more than 260 agreements have been signed in areas such as medicine, tourism, agriculture, mining and oil.

At present, both nations are advancing in the study plans to develop gas projects in the Paria Peninsula, in Sucre state, specifically in the Patao and Mejillones fields belonging to the Mariscal Sucre Project, one of the most ambitious in terms of gas development in Venezuela.

According to the report of state controlled Venezolana de Televisión, some of the agreements signed today are about the guarantees of the licenses for the exploration and exploitation of non-associated natural gas in the Mariscal Sucre Project, located at 40 kilometers to the north of the Paria Peninsula, in the Sucre state.

Rosneft reported that they signed 30 year licenses for the development of the offshore fields of Patao and Mejillones fields. In accordance with the terms of the Group's license, Rosneft will be the operator of development and will be able to export all of its output for export, including in the form of LNG. The subsoil user will prepare a conceptual and basic project, on the basis of which the Ministry will approve the development program. The geological reserves of gas from two fields amount to 180 billion cubic meters. The target level of production is 6.5 billion cubic meters of gas per year for 15 years.

Other agreements signed this Saturday are for a payment bonus between Rosneft and PDVSA, which are partners in five joint ventures: Petromonagas, SA, Petromiranda, SA, Boquerón, SA, Petroperijá SA, and Petrovictoria.

In July, Maduro announced that new agreements with Russia would be signed by the second semester of 2017. "For the second semester, important documents will be signed to expand binational investments between Russian oil and gas companies and our PDVSA," Maduro told Russia Today.


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