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Igor Sechin: Rosneft will extract gas offshore and build LNG plant in Venezuela

Rosneft and Venezuela's PDVSA have signed deals, including on offshore gas development and oil products trading.

Igor Sechin: Rosneft will extract gas offshore and build LNG plant in Venezuela

Rosneft announced on July 29, 2016, that the company and Venezuela's state oil company PDVSA have signed deals, including on offshore gas development and oil products trading.

Along with the President of PDVSA, Eulogio Del Pino, and the CEO of Rosneft, Igor Sechin, The President of Venezuela Nicolas Maduro talked about the signature of four cooperation agreements that will enhance oil and gas production in Venezuela.

Minister Del Pino said that «the signature of these agreements establishes a strategic alliance that engages joint planning elements to those projects we have undertaken. It involves an investment of 20 billion dollars in 5 joint ventures that currently produce 170,000 barrels of crude oil per day, equivalent to 9 million tons per year, with the potential of increasing to 1 million barrels of crude oil per day. One of the joint ventures will produce drilling rigs. We are talking about an alliance between two of the most important national oil companies in the world».

Following joint documents signing, Igor Sechin said: «Development of cooperation in the gas sector presents a new important element of Rosneft and PDVSA partnership. Substantial resource potential of the offshore fields and their advantageous geographic location will make it possible for the companies to monetize their hydrocarbons efficiently by LNG supplies including to Asia Pacific premium markets which the Parties consider as the priority product marketing option to date. We are pleased with the progress in our trading cooperation. The achieved results enable efficient sales of our products on high-margin markets while ensuring stable and transparent cash flows for the operations of our Joint Ventures in Venezuela. Our joint APG and gas utilization initiatives for power generating industry bring new perspectives for the cost efficiency improvement of Rosneft and PDVSA».

As a part of this event, a gas feasibility service agreement was signed between Rosneft and PDVSA for the evaluation of Patao, Rio Caribe and Mejillones Blocks to supply gas to the Venezuelan market, as well as to export to Trinidad & Tobago and other international markets.

Del Pino said that «we are talking about the beginning of a joint exploration agreement in one of the giant gas fields we have in the sea, Mariscal Sucre project, at Patao and Mejillones fields to produce 600 million of gas cubic feet per day. These are two gas fields close to Dragon field, which will soon start operations».

Another large-scale agreement of strategic interest for Venezuela´s oil industry is to keep strengthening the Educational and Training Plan for the workers of the New PDVSA, as in the case of those 15 Venezuelan students who are doing postgraduate studies at the Gubkin Russian State University of Oil and Gas, in Moscow.

«Those students already completed their first year and they will to start their second academic period. In addition, we will sign an agreement for 10 workers of Rosneft-PDVSA joint ventures to visit Russia as part of an exchange program to meet up close the oil operations at the Arctic Ocean and Siberia, and learn those procedures in order to implement them in our country», said Del Pino.

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