Rosneft, PDVSA enter offshore agreements

July 30, 2014

Rosneft and PDVSA entered into a cooperation agreement to implement offshore projects in the Rio-Caribe and Mejillones blocks, which is phase II of the Mariscal Sucre project.

Both companies expressed interest to reach an agreement on key technical requirements, commercial and legal terms for the potential establishing of joint ventures to develop Rio-Caribe and Mejillones blocks in accordance with legislation of Venezuela.

Rosneft and PDVSA agreed to establish a joint venture for well drilling, re-completion and well infrastructure development, as well as to provide any services related to the procurement of equipment, devices, materials and services within Rosneft / PDVSA joint projects.

In the course of their negotiations, Rosneft and PDVSA agreed to extend the Petrovictoria JV establishment and operation agreement with the purpose of prolonging the Carabobo-2 project entry bonus agreement.

Rosneft and PDVSA also held negotiations on LNG plant construction.

“The 8 million barrels a day we produce is a material production level. This underpins the energy security of several countries. We are now working on a number of new agreements and I am confident we will come to terms. The bonus agreement will allow us to pay $440 million which will serve to strengthen the Venezuelan economy,” says Igor Sechin, Rosneft president and chairman of the management board.



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