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Rosneft signs HOA with PDVSA

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LNG Industry,

Rosneft has announced that it has signed Heads of Agreement (HOA) with PDVSA to establish a joint venture (JV) to implement a large scale project for the production, treatment and sale of natural gas extracted from the Patao, Mejillones and (potentially) Rio Caribe gas fields off of the coast of Venezuela. This follows a memorandum on the joint projects development, which was signed by both parties at the St Petersburg International Economics Forum in June 2015. Rosneft will be the project operator, but both parties will have a 50% equity share.

The agreement states that an in-depth feasibility study of the project will now be carried out.

Gas production from the three fields is expected to be up to 25 million m3/d (9 billion m3/yr), which would provide the potential to construct either an export pipeline or LNG project.

Edited from press release by David Rowlands

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