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Joint investment of 46 billion dollars
PDVSA signed five cooperation agreements with Rosneft

Caracas.- Rafael Ramírez, People’s Minister of Petroleum and Mining and president of Petróleos de Venezuela, S.A. – PDVSA and a delegation of the Russian Federation, headed by Igor Sechin, president of Rosneft, signed oil agreements at La Campiña, headquarters of the Venezuelan state oil company.

Minister Ramírez and Sechin, as representatives of their state companies, signed a memorandum of understanding for the evaluation of association opportunities for the drilling, development and servicing of offshore wells in the Gulf of Paria.

They also signed a memorandum for the development of exploration and exploitation projects of offshore gas areas in Rio Caribe and Mejillones, phase two of the Mariscal Sucre project, with a production potential of 600 million cubic feet per day of gas and 20 thousand barrels per day of condensed gas. It encompasses the Blanquilla and Tortuga areas. The agreement also includes the production of gas in the western side of the country.

Orlando Chacín, executive director of PDVSA Oriente and Eduard Khudainatov, first vice-president of Rosneft signed a memorandum of understanding for the joint evaluation of development opportunities in mature fields of Lake Mararaibo, Zulia State including the eastern basin.

Pedro León, director of Corporación Venezolana de Petróleo – CVP; José Luis Parada, president of PDVSA Servicios Petroleros and Eduard Khudainatov, signed an agreement for the creation and administration of the joint venture Servicios Petroleros to supply and manufacture drilling rigs in the country.

Pedro León, José Ramón Arias Lanz, president of the affiliate PDVSA Ingeniería y Construcción, and Khudainatov signed an agreement for the creation and administration of an Engineering and Construction joint venture.

Russia and Venezuela strengthen cooperation in oil matters
Minister Ramírez said that working sessions went smoothly with the large delegation of companies and institutions from the Russian Federation visiting our country. He said they were productive given the soundness of the issues that were agreed upon to boost the cooperation agreements signed between the two nations by Hugo Chávez and Vladimir Putin. The Venezuelan state oil company’s endeavors to industrialize the energy sector in Venezuela.

The minister of Petroleum stressed the strategic nature of the drilling rig supply contract with the biggest drilling rig company in Russia. The Bolivarian Government is developing this area with the People’s Republic of China, with more than 20 drilling rigs assembled in the country. It is estimated that with this new Russian-Venezuelan joint venture, 50 drilling rigs will be produced annually.

Minister Ramírez announced that they are currently working on the authorization of the documents to give their consent on the transfer of assets from TNK-BP to Rosneft in the joint venture Petromonagas, at the Faja Petrolífera del Orinoco (Orinoco Oil Belt).

Additionally, they received a request from the company Surgutneftegaz to sell its 20% stake to Rosneft in the Russian Oil Consortium, a party in the joint venture Petromiranda.