Rosneft and PDVSA expand strategic cooperation

Russia and Venezuela will work on gas and oil production at the Patao, Mejillones, and Rio Caribe fields.

01.Aug.16 12:00 AM
By Alesya Davydova
Photo Toinnov.com

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Rosneft and PDVSA expand strategic cooperation

Rosneft and Petrуleos de Venezuela S.A. (PDVSA) signed a few agreements establishing cooperation between two countries in gas and oil production as well as in some other spheres. The details of the Russian-Venezuelan meeting are described in the official message of the Rosneft Information Division.

The parties are going to set up a joint venture to evaluate the capacities of gas production at the Patao, Mejillones, and Rio Caribe fields. The first results of the research may be published in the first half of 2017. It is expected that gas production may reach 9 billion cubic meters per year.

Moreover Rosneft and PDVSA agreed on terms and conditions of oil counter-delivery contracts. The supplies will start in 2016. For PDVSA these arrangements will secure necessary petroleum products and/or crude for efficient sales in international markets.

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