Venezuela approves extension of Petroleos de Venezuela S.A., Roszarubezhneft joint ventures until 2041

MOSCOW. Nov 21 (Interfax) - Venezuela's National Assembly on Thursday approved a 15-year extension of joint venture agreements with Russia, established as part of a strategic energy alliance, Vice President Delcy Rodriguez posted on Telegram.

The joint ventures are Petroleos de Venezuela S.A. (PDVSA) and a division of Russia's Roszarubezhneft, which are developing the Boqueron and Perija fields in the western region of the South American country, Reuters reports, citing data announced during a broadcast of the National Assembly meeting. The planned oil production is 16,600 barrels per day. Total investment is estimated at approximately $616 million.

Citing Venezuelan President Nicolas Maduro, PDVSA on Thursday also posted on its Telegram channel that the country expects to achieve its oil production target of 1.2 million bpd.

OPEC data indicate that Venezuela produced 967,000 bpd in September.