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Rosneft and PDVSA sign cooperation agreement on gas projects on Venezuelan shelf

3 July 2013

Rosneft’s President and Chairman of the Management Board Igor Sechin and Venezuelan Oil Minister and PDVSA President Rafael Ramirez, in the presence of the President Vladimir Putin, signed a cooperation agreement for implementation of offshore projects in Venezuela.

The agreement provides for, among other things, joint studies for evaluation of 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.

Specifically, the companies will evaluate the possibility of implementation of joint projects on Rio Caribe and Mejillones fields (Stage II of Mariscal Sucre Project) and exploration in the Venezuelan part of the Caribbean Basin and in the Gulf of Venezuela as well as near the Atlantic Coast of Venezuela. Total reserves are estimated at 21 trillion cubic feet.

Gazprombank, affiliated with Gazprom, also signed a deal with PDVSA to invest $1 billion in their joint venture, PetroSamora. PetroSamora is to develop deposits in the Orinoco belt.

RIA Novosti quoted President Putin as saying Venezuela and Russia have huge potential for joint investment projects, especially in energy. Russian investment in the Venezuelan economy has reached $21 billion, he said.

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