Russia, Venezuela Ink MoU for Offshore Exploration

Russia, Venezuela Ink MoU for Offshore Exploration

On January 29-30, Igor Sechin, President and Chairman of the Management Board at Rosneft, led a Russian delegation comprising representatives from INTER RAO UES, RusHydro, Uralmash NGO Holding and Kamaz, as well as Russian bankers and businessmen, on a working visit to Venezuela.

The head of Rosneft held talks with Venezuelan Vice President Nicolás Maduro during which the two discussed a wide range of issues related to bilateral energy and economic cooperation. Igor Sechin and Nicolás Maduro agreed to hold a meeting of the Russian-Venezuelan Intergovernmental Commission at the end of March in Caracas.

At the meeting, Sechin passed on a message to the Venezuelan vice president for President Hugo Chavez from Russian President Vladimir Putin.

The Rosneft head also met Venezuela’s Foreign Minister Elias Jaua and Oil and Mineral Resources Minister Rafael Ramírez during the visit.

At a meeting with Ramírez, Sechin discussed the outlook for cooperation in the development of the Junin-6 oil field by the National Oil Consortium (comprising Rosneft (40%) along with Gazprom Neft, Lukoil and TNK-BP) and the Carabobo-2 block.

MoU for drilling off Venezuela

A number of documents aimed at expanding cooperation between Russia and Venezuela were signed during the meeting with the Venezuelan oil minister. These include the signing of a memorandum of understanding between PDVSA and Rosneft to explore and use new blocks in offshore areas on the Venezuelan shelf and a memorandum of understanding between PDVSA and Rosneft to assess the possibility of providing offshore well-servicing and drilling services.

Documents were also signed on the transfer of rights to set up an administrative structure for a joint venture in oilfield services and an engineering and construction enterprise.

Additionally an agreement was reached on expanding cooperation in education. The Gubkin Russian State University of Oil and Gas will equip Venezuelan students with the skills and knowledge required to take up positions in the industry.

Representatives in the delegation from Zarubezhneft signed a memorandum of understanding between PDVSA and Zarubezhneft to jointly evaluate late-stage fields. Representatives from Uralmash NGO Holding signed a memorandum of understanding between PDVSA Industrial and Uralmash to produce drilling rigs and oilfield equipment and set up an assembly plant in Venezuela.

Sechin Elected Chairman

On January 29, the Board of Directors of the National Oil Consortium convened for a meeting. Representatives from consortium members Rosneft, Gazprom Neft, TNK-BP and Lukoil took part in the meeting. Igor Sechin was elected Chairman of the Board of Directors of the National Oil Consortium. The members voted for Rosneft to become operator (lead) on the project.

Members of the delegation held talks and working meetings with National Bank Chairman Nelson Merentes, Venezuelan Electric Power Minister Hector Navarro Diaz and Agriculture Minister Juan Carlos Loyo. The discussions touched on a broad range of issues of mutual interest in energy and banking, as well as agricultural product shipments.

“As representatives of Russian business, it is a great honour to fulfil the plans of our respective governments. Our cooperation, particularly in recent years, has acquired a special dynamic and come to reflect the deep understanding characteristic of strategic partners,” commented Rosneft head Igor Sechin. “I am pleased that through our projects in energy we have been given the opportunity to expand cooperation in agriculture, machinery manufacturing, education and science. I would also like to pass on the warmest regards to President Hugo Chavez. He is loved and respected in Russia and we hope he will soon return to serving his people and we can continue our work with him and his colleagues,” Sechin said.

Press Release, February 1, 2013

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