Rosneft and PDVSA sign cooperation agreement

Rosneft President Igor Sechin and Venezuelan Minister of Petroleum and Mining and PDVSA President Rafael Ramirez signed a cooperation agreement to implement offshore projects in Rio-Caribe and Mejillones blocks (Phase II of the Mariscal Sucre Project).

“As part of the document, the parties express their interest to continue negotiations with the goal of reaching an agreement on key technical requirements, commercial and legal terms for the potential establishing of joint ventures to develop Rio-Caribe and Mejillones blocks in accordance with legislation of Venezuela.  The parties also held negotiations on LNG plant construction,” Rosneft said in a statement.

Sechin and Ramirez  also agreed to set up a joint venture to engage in the activities in relation to well drilling, re-completion and well infrastructure development, as well as to provide any services related to the procurement of equipment, devices, materials and services within Rosneft / PDVSA joint projects, the company added.

Press Release, July 30, 2014