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Rosneft will make final decision on investments in two deposits in Venezuela in 2020

Rosneft plans to take a final investment decision on participation in the development of two gas fields of Patao and Mejillones off the coast of Venezuela in 2020

MOSCOW, May 21. /TASS/. Rosneft plans to take a final investment decision on participation in the development of two gas fields of Patao and Mejillones off the coast of Venezuela in 2020, the company said in its annual report.

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Rosneft (through its subsidiary) owns 100% of the shares in the project. The Russian company has the right to export the entire volume of produced gas (minus royalties paid in kind).

"The next stage of the project includes implementation of conceptual and basic design. After that in 2020 it is planned to make a final investment decision regarding the participation of Rosneft in the development of the fields," according to the document.

In December 2017, the authorities of Venezuela granted a license to Rosneft's subsidiary company to develop the offshore fields of Patao and Mejillones for a period of 30 years. Rosneft plans to produce 6.5 billion cubic meters of gas in these fields in 15 years. The extracted gas will be exported, in particular in the form of liquefied natural gas (LNG). The geological reserves of gas of the two fields amount to 180 billion cubic meters.

Russia’s Rosneft is among the biggest investors in Venezuela. The company is implementing joint prospecting and production projects with PDVSA, namely Petromonogas (PDVSA holding 60%-stake, Rosneft - 40%), Petroperija (60% - PDVSA, 40% - Rosneft), Petromiranda (Rosneft holding 32%-stake), Petrovictoria (Rosneft having 40%), and Boqueron (PDVSA - 60%, Rosneft - 26.67%, Austria’s OMV - 13.33%).

According to Rosneft’s estimates, aggregate oil-in-place exceeds 20.5 billion tonnes.

Apart from that, the two companies have a joint oilfield service company, Perforosven, with PDSVA holding a 49%-stake and Rosneft - 51%.

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