The Russian oil and gas company Rosneft has secured two offshore gas licenses in Venezuela and will be entitled production and export rights from the Patao and Mejillones offshore gas fields (Caribbean Sea, Venezuela) over the next 30 years. The company will be the operator of the two fields, which contain reserves estimated at 180 bcm. Rosneft expects an annual peak production of 6.5 bcm/year.
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, Petromiranda, Boquerón, Petroperijá and Petrovictoria in the Venezuelan state of Zulia. PDVSA holds a majority interest of 60% in these JVs, while Rosneft holds a 26.67% interest in Boqueron, a 32% stake in Petromiranda and a 40% share in Petromonagas, Petroperijá and Petrovictoria.