Finance & Investing
News Services
Newsletters
Get free industry updates via email.
Daily News
Weekly News
Equipment Updates
Weekly Job Register
Monthly Event Guide
Our privacy
pledge.


advertisement

Russia, Venezuela Sign Energy Agreements

change text size
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

WHAT DO YOU THINK?

Post a Comment Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies

More from this Author
Jon Mainwaring
European Editor | Rigzone
 -  Drone Alone: Unmanned Aircraft in Oil,... (Apr 24)
 -  European Majors Team Up to Explore Arc... (Apr 21)
 -  Laggan-Tormore Project Causes More Woe... (Apr 20)
 -  Wintershall Strengthens Position in So... (Apr 15)
 -  Sakhalin-1 Sets New Extended Reach Dri... (Apr 14)
Most Popular Articles
From the Career Center
Jobs that may interest you
Project Manager/Engineer
Expertise: Petroleum Engineering
Location: Sugarland (Houston), TX
 
PLC Engineer
Expertise: Petroleum Engineering|Refinery Specialist
Location: Sugarland (Houston), TX
 
Commissioning Planner
Expertise: Commissioning Engineer / HUC|Contracts Administration|Instrument & Controls Engineer
Location: Houston, 
 
search for more jobs