Russian oil giant Rosneft and Venezuelan state-owned oil and gas company PDVSA have agreed to cooperate in the exploration of three blocks offshore Venezuela.
During a working visit to Venezuela, Rosneft CEO Igor Sechin met with the leadership of the country and the president of the state-owned oil company, Eulogio del Pino.
According to Rosneft, the meetings focused on the key issues of the current cooperation between Russian and Venezuelan companies, as well as the expansion of strategic partnerships for exploration and production of new hydrocarbons projects.
In the presence of Venezuelan President Nicolas Maduro, heads of two companies signed a number of documents with an aim to expand strategic cooperation between Rosneft and PDVSA in key operating segments.
The companies also signed an agreement to conduct a feasibility study of the project development and operation for three blocks offshore Venezuela, Patan, Mejillones, and Rio Caribe.
Rosneft explained that the feasibility study will determine the optimal scheme of implementation of exploration and extraction of gas, and consider possible options for the monetization of hydrocarbons.
The results of the study are set to be completed in the first half of 2017 and will be submitted to Venezuela’s Petroleum Ministry to determine potential tax benefits and conditions for the commercialization of the project’s resources.
Offshore Energy Today Staff