Russia's Rosneft wins gas licences in Venezuela
Venezuela has awarded licences to Russian energy giant Rosneft to develop two offshore gas fields.
The deal allows its subsidiary, Grupo Rosneft, to export gas produced at the Patao and Mejillones fields in the Caribbean Sea for the next 30 years. BBC reports.
Venezuelan authorities need to approve the deal before production can begin.
Russia is a close ally of Venezuela, helping to prop up its economy as it seeks to expand its influence in Latin America.
In August, Rosneft provided Venezuelan state energy company PDVSA with $6 billion as advance payment for oil supplies.
In a statement, Rosneft estimated the total reserves at the two fields to be around 180bn cubic metres (bcm) of gas.
Maximum annual production is expected to reach 6.5 bcm in the first 15 years.
