Gazprom, PDVSA Ink MOU for Field Development, Production Projects

Orinoco Heavy Oil Belt
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Petroleos de Venezuela S.A.
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As part of the working visit of Russian Federation President Dmitry Medvedev to Orenburg, Gazprom's Management Committee Chairman Alexey Miller took part in a meeting with Venezuelan President Hugo Chavez on September 26, 2008.

In the presence of Dmitry Medvedev and Hugo Chavez, Alexey Miller and Rafael Ramirez, Venezuelan Energy & Mines Minister, President of Petroleos de Venezuela SA (PDVSA) signed a Memorandum of Understanding.
The document contemplates potential large-scale interaction between the companies, particularly in field development, infrastructure construction, oil and gas extraction and processing, including joint low pressure gas production projects.

The area of mutual interests covers hydrocarbon transportation, geological exploration, reserve estimation and certification, LNG production, services including drilling operations, oil & gas well and equipment repair.

To implement the accords set forth in the Memorandum, the parties will establish the relevant working groups.

"Gazprom has been working successfully in Venezuela for several years already. The Memorandum signed today identifies the mechanisms of choosing new projects for joint implementation and will contribute to deepening the bilateral strategic cooperation in a wide spectrum of aspects not only in Venezuela but also in other countries of South America. In particular, I am referring to joint operations in Bolivia," said Alexey Miller.


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