Russia, Venezuela Sign Energy Agreements

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Russia, Venezuela Sign Energy Agreements

Russian President Vladimir Putin announced in Moscow late Tuesday that Russian investment in Venezuela had reached $21 billion as the countries signed new cooperation agreements, including an offshore deal involving Rosneft and Venezuelan state oil company PDVSA.

Leading a Venezuelan government delegation to Moscow, President Nicolás Maduro signed five agreements covering cooperation in several energy-related areas, including oil and gas, electrical generation and financing.

"During the last 14 years, both countries have built a roadmap for cooperation in energy matters," Maduro said.

Maduro also noted that Russian-Venezuelan joint ventures in Venezuela had led to the production of 206,000 barrels per day, while the goal remains to raise this to a million barrels per day within four years.

Meanwhile, as part of the bilateral agreement between the two countries, Russia's Rosneft announced Wednesday that it has signed a cooperation agreement with Petróleos de Venezuela. The deal, which was signed between Rosneft President Igor Sechin and Venezuelan Oil Minister Rafael Ramirez, will see Rosneft and PDVSA cooperate on offshore projects in Venezuela.

In particular, the agreement covers joint studies for the technical and economic viability of offshore gas and condensate production in Venezuela, gas liquefaction for export and domestic sales and the evaluation of prospects for joint ventures for the development of gas and gas condensate fields.

A former engineer, Jon is an award-winning editor who has covered the technology, engineering and energy sectors since the mid-1990s. Email Jon at jmainwaring@rigzone.com

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