Rosneft, PDVSA join forces

Russia's Rosneft and Venezuela's PDVSA struck a deal concerning the implementation of projects offshore Venezuela.

The agreement calls for the two companies to conduct joint studies evaluating technical and economic viability of offshore gas and condensate production in Venezuela, gas liquefaction for export and domestic sales and evaluation of the prospects of joint ventures for development of gas and gas condensate fields. To carry out joint studies, the parties will set up a managing committee and working teams, and PDVSA will provide information required for studies to Rosneft.

The areas of interest to both Rosneft and PDVSA are the Rio Caribe and Mejillones fields, as well as exploration in the Venezuelan portion of the Caribbean Basin, the Gulf of Venezuela, and Atlantic coast of Venezuela.

Rosneft’s President and Chairman of the Management Board Igor Sechin, along with Russian President Vladimir Putin, and Venezuelan Oil Minister and PDVSA President Rafael Ramirez were present for the signing ceremony in Moscow on July 2.

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