The Venezuelan oil Corporation Petroleos de Venezuela SA (PDVSA) and Rosneft signed an agreement on production of hydrocarbons. Venezuela has confirmed a permit for exploration and development of gas fields on the continental shelf of the country for the Russian companies, Interfax reported.

In signing the agreement was attended by the President of Venezuela, Nicolas Maduro, oil Minister of the Republic Manuel Quevedo and head of Rosneft Igor Sechin. Documents, in particular, mention the project Mariscal Sucre, in which developed the field of Patio and Mejillones Peninsula of Paria in Sucre state.

A subsidiary of Rosneft will be the operator of the development and will be able to direct the export of the whole volume of produced production, in particular in the form of LNG. Geological gas reserves of the two fields amount to 180 billion cubic meters of gas. The target production level of 6.5 billion cubic meters of gas per year for 15 years.

Rosneft is also involved in several joint projects in oil production in Venezuela. Oil production in the projects with participation of Russian companies in Venezuela to 2016 amounted to 8.4 million tons.

PDVSA, created in 1976, in the heyday of top 5 oil companies in the world. However, the decline in oil prices on world markets began in 2014 and the economic crisis in Venezuela undermine its position. Debt PDVSA accounts for about 30% of the external debt of Venezuela.

Earlier it was reported that Rosneft, because of sanctions, refused to develop the field in the Black sea.

Rosneft will produce gas offshore of Venezuela 18.12.2017

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