February 20, 2016 / 1:48 PM / 4 years ago

Rosneft signs agreement with PDVSA to produce gas in Venezuela

A flag with the logo of Rosneft company flies next to an oil derrick at Suzunskoye oil field north from the Russian Siberian city of Krasnoyarsk March 26, 2015. REUTERS/Sergei Karpukhin

MOSCOW (Reuters) - Russia’s top oil producer Rosneft and Venezuela’s state oil company PDVSA [PDVSA.UL] signed an agreement to set up a joint venture to develop natural gas in the South American country, Rosneft said on Saturday.

Each firm will have a 50 percent share in the venture, which with develop three offshore fields.

“The gas production at the three fields is expected to be up to 25 million cubic meters per day (9 billion cubic meters a year), providing the potential to develop the world-class, export-oriented pipeline or LNG project”, Rosneft said in a statement.

As well as the offshore gas joint venture, Rosneft also plans to invest $500 million to raise its stake in its Petromonagas gas joint venture with PDVSA in Venezuela’s Orinoco Belt region to 40 percent, Venezuelan President Nicolas Maduro said on Friday.

Writing by Denis Pinchuk; Editing by Susan Fenton

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