The Russian Federation and the Bolivarian Republic of Venezuela Have Reached an Agreement on the Development of New Oil and Gas Fields
The Russian Federation and the Bolivarian Republic of Venezuela have reached an agreement on cooperation in the exploration and development of new oil and natural gas fields. The text of the agreement on strategic partnership and cooperation between the two countries has been published on the official website of the Presidential Administration of the Russian Federation (the Kremlin).
“The Parties shall cooperate in the energy sector in such areas as the exploration and development of new oil and natural gas fields, the enhancement of oil recovery at fields currently under development by joint ventures, and the reduction of environmental impact through the use of advanced extraction technologies, as well as the expansion of oil trading operations on a **mutually beneficial basis,” the document states.