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Rosneft and PDVSA Signed a Memorandum on Development of Priority Projects

20 June 2015

Rosneft and PDVSA signed at the St. Petersburg International Economic Forum a Memorandum regarding joint projects of the two companies in Venezuela, The document was signed by Chairman of Rosneft Management Board Igor Sechin and PDVSA President Eulogio Del Pino.

The Memorandum provides for the formalization of a range of preliminary agreements on priority issues for further implementation of joint projects in Venezuela:

  • PetroMonagas
  • Petroperija
  • Boqueron
  • Petrovictoria
  • PetroMiranda

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 increase of Rosneft’s stake in PetroMonagas project.

The achieved agreements demonstrate the quality of Rosneft and PDVSA cooperation expressed in consistent development of strategic partnership between the companies.

Notes for editors:

The first long-term export contract between Rosneft and PDVSA was signed at the Petersburg International Economic Forum in May 2014. Currently as part of the first contract the Venezuelan party supplied about 375 thousands t of oil products.

Currently Rosneft and PDVSA cooperate in the realization of 5 JV in the upstream sphere in Venezuela:

  • Project Carabobo-2,4 (JV Petrovictoria). CVP (PDVSA subsidiary) - 60%, Rosneft - 40%
  • JV PetroMonagas. CVP (PDVSA subsidiary) - 83.3%, Rosneft - 16.7%
  • Project Junin-6 (JV PetroMiranda). CVP (PDVSA subsidiary) - 60%, NOC - 40%
  • JV Boqueron. CVP (PDVSA subsidiary) - 60%, Rosneft - 40%
  • JV Petroperija. CVP (PDVSA subsidiary) - 60%, NOC - 40%

Total geological oil reserves of these projects are estimated more than 20.5 bln t.

Rosneft Information Division
Tel.: + 7 (499) 517-88-97
June 20, 2015

These materials contain statements about future events and expectations that are forward-looking. Any statement in these materials which is not information for prior accounting periods is an expectation and related to known and unknown risks, uncertainties or other factors, which can make the actual results, performance or achievements differ substantially from those anticipated and implied in these forward-looking statements directly or indirectly. We assume no obligation to update the data contained herein, to reflect actual results, changes in assumptions or factors affecting these statements.