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Rosneft plans to produce 6.5 bln cubic meters of gas per year on Venezuelan shelf

December 17, 2017, 17:45 UTC+3

The planned output is 6.5 billion cubic meters of gas a year for a period of 15 years

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MOSCOW, December 17. /TASS/. Russia’s oil major Rosneft said on Sunday it plans to produce up to 6.5 billion cubic meters of gas a year at two fields on Venezuela’s shelf in a period of 15 years.

According to Rosneft’s press release, Venezuela’s authorities have granted the Russian company a 30-year license for the development of two shelf fields, Patao and Mejillones. "Under the license, Rosneft will act as a production operator and will be allowed to export entire gas output, including as LNG. The planned output is 6.5 billion cubic meters of gas a year for a period of 15 years," the company said, adding that the two fields’ gas-in-place amounts to 180 billion cubic meters.

An agreement to this effect was reached during Rosneft CEO Igor Sechin’s visit to Venezuela on Saturday. While in Venezuela, Sechin met with that country’s President, Nicolas Maduro.

Rosneft is one of the biggest investors in Venezuela. In July, the Russian company and Venezuela’s state oil and gas company Petroleos de Venezuela finished feasibility studies on the projects for the development of three gas fields, namely Patao, Mejillones and Rio Caribe.

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