Venezuela, Russia sign new deals to expand oil production cooperation

Jul 29, 2016 12:00 AM

Venezuela and Russia on Thursday signed a number of energy cooperation agreements, as part of the collaboration between Venezuela's state-owned oil company PDVSA and Russia's Rosneft, China's Xinhua new agency reported.

In a meeting at the presidential palace in Caracas, Venezuelan President Nicolas Maduro, his Mining and Oil Minister Eulogio del Pino and Rosneft Chief Executive Officer Igor Sechin formalised the deals.

The agreements between PDVSA and Rosnest focus on joint production in the oil, gas, and petrochemical industries.

Their combined investments in Venezuela have already topped US$20 billion and created five joint ventures, operating in the Orinoco Belt, which contains the largest proven hydrocarbon reserves in the world.

After the ceremony, del Pino told the state-owned Venezolana de Television that the joint ventures currently produce around 170,000 barrels of oil a day, but it is estimated they have the potential to reach 1 million.

PDVSA and Rosneft also signed a training agreement, which will see 30 Venezuelan staff study high-level courses in Russian universities.

Venezuela and Russia are also seeking to build up other joint ventures, covering infrastructure, construction and services for the oil industry.

Market Research

The International Affairs Institute (IAI) and OCP Policy Center recently launched a new book: The Future of Natural Gas. Markets and Geopolitics.


The book is an in-depth analysis of some of the fastest moving gas markets, attempting to define the trends of a resource that will have a decisive role in shaping the global economy and modelling the geopolitical dynamics in the next decades.

Some of the top scholars in the energy sector have contributed to this volume such as Gonzalo Escribano, Director Energy and Climate Change Programme, Elcano Royal Institute, Madrid, Coby van der Linde, Director Clingendael International Energy Programme, The Hague and Houda Ben Jannet Allal, General Director Observatoire Méditerranéen de l’Energie (OME), Paris.

For only €32.50 you have your own copy of The Future of Natural Gas. Markets and Geopolitics. Click here to order now!


Upcoming Conferences
« June 2019 »
1 2
3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 30

Register to announce Your Event

View All Events