Rosneft, PDVSA ink terms for offshore gas joint venture

Offshore staff

MOSCOWRosneft and PDVSA have signed a heads of agreement (HoA) to establish a joint venture.

This will implement a project to develop, process, and sell natural gas from the Patao and Mejillones fields offshore Venezuela, and potentially also the Rio Caribe field.

The HoA follows a memorandum on joint projects development agreed at last June’s St-Petersburg International Economics Forum. It is supported by Venezuela’s Ministry of Petroleum and Mining.

Rosneft will be project operator, although each company will have 50% equity in the joint venture.

Gas production from the three fields could reach 25 MMcm/d, or 9 bcm/yr, with potential for a world-class export pipeline or LNG project, Rosneft added.

02/22/2016

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