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Rosneft will make FID on Venezuela giant gas fields in 2020

The Russian oil and gas company Rosneft will make a final investment decision (FID) regarding the development of the Patao and Mejillones offshore gas fields in Venezuela) in 2020. In December 2017, the Venezuelan government granted a 30-year license to Rosneft for the development of the two assets. Rosneft will be the operator of the two fields, which contain reserves estimated at 180 bcm. Rosneft expects a peak production of 6.5 bcm/year during a 15-year period. Gas production would be exported and liquefaction capacities are under consideration.



Besides, the group has inked gas exploration and production agreements with the Venezuelan state-run company Petróleos de Venezuela (PDVSA). Rosneft has a significant presence in the country and is committed to five joint venture (JV) projects in partnership with PDVSA, namely the Petromonagas (40% Rosneft), Petromiranda (32%), Boquerón (26.67%), Petroperijá (40%) and Petrovictoria (40%) in the Venezuelan state of Zulia. Their aggregate oil-in-place resources are estimated at more than 20 Gt.