Rosneft, PDVSA to form gas production JV

Rosneft and Petróleos de Venezuela signed a memorandum regarding joint projects of the two companies in Venezuela.

The memorandum provides for the formalization of a range of preliminary agreements on priority issues for further implementation of joint projects in Venezuela, Rosneft informed in a statement.

Moreover, the parties confirmed their intention to create a joint venture for gas and condensate offshore production in Venezuela as part of Mariscal Sucre project. The signed document provides for performing of additional joint research aimed at selection of optimum plan of this project implementation.

The memorandum also implies the parties’ intention to continue negotiations regarding the increase of Rosneft’s stake in PetroMonagas project.

Image: Rosneft