08/02/12

Venezuela Approved Joint Venture with Russian Gazprombank Group

Venezuela to Approve Joint Venture with Russian Gazprombank Group

Yesterday the National Assembly of the Bolivarian Republic of Venezuela voted for the Agreement between Venezuela and Russia. The Agreement envisages a new joint venture (JV) which will produce oil at Campos Lagunillas Tierra and Bachaquero Tierra fields in Venezuela. The heavy oil fields are located in the state of Zulia next to the lake of Maracaibo in the west of Venezuela.

Corporación Venezolana de Petróleo S.A. (member of PDVSA Group) and Gazprombank Latin America Ventures B.V. (member of Gazprombank Group) will establish the JV with the stakes of 60% and 40% respectively. The production contract will be concluded for 25 years.

Reference:

GPB Global Resources is an international group of companies, engaged in petroleum and mineral resource projects in various parts of the globe, including Africa, South America, and the Middle East.

GPB Latin America Ventures B.V., an affiliate of GPB Global Resources, represents its parent company in South America.