Venezuela Hopes to Sign Cooperation Deal With Rosneft on 2 Oil Fields

Venezuela hopes to sign a cooperation agreement with Russia’s Rosneft oil corporation to develop the country's Patao and Mejillones oil fields, Venezuelan Oil Minister Eulogio del Pino said Monday.

MOSCOW (Sputnik) – The oil fields are expected to produce about 17 million cubic meters (600 million cubic feet) oil every day, he added.

“For a long time we have been successfully holding negotiations with the biggest Russian company Rosneft headed by Igor Sechin. On October 7, he will be here in Venezuela and we hope to sign the cooperation agreement with [Rosneft] – at least on two more oil fields: Patao and Mejillones,” del Pino told the RT broadcaster.

The minister said that the Rosneft’s share would amount to 50 percent along with other 50 percent belonging to the Venezuelan state oil company PDVSA.