Rosneft’s subsidiary Groupo Rosneft has secured production licences to develop the Patao and Mejillones offshore fields in Venezuela.

The deal was reached when Rosneft CEO Igor Sechin visited the Bolivarian Republic of Venezuela, with the licence for the fields being valid for 30 years.

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Under the licence, Groupo Rosneft will assume operatorship of the project.

The company will have the rights to export all produced volumes, in the form of LNG and other options.

Prior to approval of the field development plan by the ministry, the licence holder is required to prepare conceptual and basic designs.

“The two fields have gas reserves in-place of 180 billion cubic metres.”

The two fields have gas reserves in-place of 180 billion cubic metres, with a targeted production level of 6.5 billion cubic metres of gas per annum for 15 years.

The development is in line with Rosneft’s plans to develop fields offshore Venezuela.

As part of the meeting with Venezuela President Nicolas Maduro and state-owned oil company Petroleos de Venezuela (PDVSA) president Manuel Quevedo, Igor Sechin discussed various issues such as current cooperation of Russian and Venezuelan companies, in addition to expanding strategic collaboration in exploration and production projects.

Discussions also featured the prospect of cooperation between Rosneft and PDVSA in operating activities, oil and oil product trading, energy production, oilfield services.

The parties also discussed PDVSA’s potential involvement in Rosneft’s international projects.