PDVSA, Rosneft eye joint offshore work

Petroleos de Venezuela SA (PDVSA) and Rosneft have signed an agreement to cooperate in exploration and development offshore Venezuela.

PDVSA said the agreement envisions joint ventures for production of nonassociated natural gas and gas condensate off the eastern part of the country.

Rosneft said the companies will study joint projects in Rio Caribe and Mejillones fields (the second stage of the Mariscal Sucre Project, and exploration in the Venzuelan part of the Caribbean basin and in the Gulf of Venezuela as well as near the Atlantic Coast.

The agreement also covers joint studies of LNG exports and gas sales in Venezuela.

Among other agreements signed during a visit by Venezuelan officials to Moscow was one between GazpromBank and PDVSA for $1 billion of financing to their joint venture Petrozamora for a business plan for development of Lagunillas Tierra and Bachaquero Tierra fields. Pdvsa said Petrozamora recently reported average production of 65,100 b/d of oil.

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