Venezuela extends oil joint ventures with Russia for 15 years

According to a TV broadcast of a session, the Venezuelan National Assembly approved on Thursday a 15-year renewal of joint ventures that are operated by the state company PDVSA in conjunction with a unit from Roszarubezhneft of Russia. The two oilfields are located in Venezuela's western region. Before approving the extension, lawmakers said that the partnerships could continue to operate the Boqueron oilfield and Perija through 2041. The goal is to produce 91 million barrels of crude or 16,600 barrels a day. Total investment is estimated to be around $616 million.

Two lawmakers confirmed that an agreement had been signed between PDVSA, Roszarubezhneft and Petromost in Moscow.

Roszarubezhneft was founded in 2020 by a Russian Ministry of Economic Development unit.

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The Venezuelan holdings owned by the Russian state-run Rosneft oil company, as Washington imposed sanctions against two Rosneft units that traded Venezuelan oil.

Venezuela's PDVSA remains under scrutiny

U.S. sanctions

In recent years, the South American nation has seen a decline in foreign investment.

(source: Reuters)