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