Russia and Venezuela agree to cooperate on oil and geological exploration

MOSCOW. Oct 16 (Interfax) - Russia and Venezuela, after the 17th meeting of the joint high-level intergovernmental commission, concluded a number of agreements on cooperation in the field of subsoil use, an Interfax correspondent reported from the document signing ceremony.

A memorandum of understanding was signed between the Russian Energy Ministry and Venezuela's Ministry of Oil in the areas of data protection, statistical research and energy balance.

State oil and gas company Petroleos de Venezuela S.A. (PDVSA) concluded an agreement with Rosgeologiya based on International Patent Classification (IPC) in the field of technical consulting, vocational training and geological and geophysical research of oil and gas fields. The Venezuelan oil company also signed a memorandum with UEC Engineering for the supply, maintenance and repair of gas turbine and gas pumping equipment. In addition, PDVSA signed a memorandum of understanding with the Karpinsky All-Russian Scientific Research Geological Institute for the geological exploration of subsoil.

The Gubkin University of Oil and Gas signed training contracts with the PDVSA and Petroquimica de Venezuela (Pequiven) oil companies.

In addition, a number of memorandums were adopted in the field of maritime transport, education, culture, social and youth policy. In total, Russia and Venezuela signed 10 bilateral documents in various sectors following the IGC.