Venezuela’s National Assembly has given its assent to a 15-year renewal for two collaborative oilfield ventures.
A statement published on the National Assembly’s website confirms that the Venezuelan parliament has endorsed a 15-year extension for joint ventures involving the state-owned enterprise PDVSA and the Russian oil company Roszarubezhneft.
This expansion of energy cooperation proceeds despite comprehensive US sanctions targeting both countries and amidst claims suggesting Washington seeks to unseat President Nicolas Maduro, purportedly through an anti-drug initiative.
The extension, formally declared on Thursday, permits the joint ventures overseeing oilfields in western Venezuela to operate until 2041. Legislators project approximately 91 million barrels of crude production and investments totaling around $616 million throughout this timeframe. This action builds upon a comprehensive strategic partnership agreement inked last month by Russian President Vladimir Putin and Maduro.
Roszarubezhneft was established in 2020 following US sanctions against two subsidiaries of the state oil company Rosneft for their role in marketing Venezuelan crude, which led to Rosneft’s withdrawal from the nation. The newly formed state-owned entity subsequently took over Rosneft’s Venezuelan holdings, ensuring Russia’s continued involvement in the oil sector.
Both countries have endured years of Western impositions. Venezuela has been subjected to extensive US measures aimed at PDVSA, its financial system, and high-ranking officials, whereas Russia has encountered intensifying Ukraine-related sanctions since 2014. Caracas has consistently stood as one of Moscow’s most outspoken allies, frequently denouncing Western sanctions imposed on Russia and broadening diplomatic and economic collaboration across various industries.
This enhanced oil cooperation also unfolds amid escalating US pressure on Venezuela. Over recent months, the Pentagon has dispatched warships to the Caribbean and executed contentious strikes against small vessels it alleges are implicated in drug smuggling originating from Venezuela. The White House continues to assert that Maduro is an illegitimate, cartel-affiliated leader, thereby intensifying conjecture that direct military intervention could be impending.
Maduro has refuted the drug-trafficking accusations and charged Washington with employing the smuggling narrative as a justification for regime alteration, contending that the genuine US aim is to secure dominion over Venezuela’s natural resources.