Venezuela announced contract with Rosneft for two deposits

The Minister of petroleum and mining of Venezuela, Augurio del Pino hopes for a speedy signing of the cooperation agreement with Rosneft for two deposits. He declared it in interview to TV channel Russia Today in Spanish.

Responding to a question about investing in the oil industry of the Republic, head of the energy Ministry of Venezuela said that the state oil company PDVSA “for a long time and quite successfully negotiating with the largest Russian company “Rosneft”. Del Pino said that on 7 October, the head of the Russian company Igor Sechin will arrive in Venezuela for a meeting.

“…we hope in the near future to sign with them a cooperation agreement, at least these two additional fields: Patao and Mejillones”, — said the Minister, adding that, according to preliminary calculations, these fields will add to the total production of about 17 million cubic meters per day.

Augulio, del Pino said that the share of Rosneft in a new oil and gas projects will amount to 50%, “it will be a joint company with PDVSA in half”.

In late July, Rosneft and state oil company PDVSA, discussed possible variants of cooperation in the field of development of electric power industry of Venezuela. During this meeting the two state-owned companies signed key terms of contracts for the supply of raw materials “Rosneft” in exchange for Venezuelan oil and oil products.

At the St. Petersburg international economic forum in 2015, Rosneft and PDVSA signed a Memorandum of intent to create a joint venture that involves the production of two plots of 25 million cubic meters of gas per day. The extracted raw materials will be supplied to the region via pipelines or in liquefied form.