Russia's Rosneft plans to make a final investment decision (FID) on participation in the development of two gas fields, Patao and Mejillones in Venezuela in 2020, the company said on Tuesday.
Russian news agency Tass reported that Rosneft owns 100 percent of the shares in the fields and has the right to export the entire volume of produced gas.
Rosneft aims to produce 6.5 billion cubic meters of gas in the fields in 15 years. The extracted gas will be exported in the form of LNG. The geological gas reserves in the two fields amount to 180 billion cubic meters.
'The next stage of the project includes implementation of conceptual and basic design. After that in 2020, it is planned to make a final investment decision regarding the participation of Rosneft in the development of the fields,' Tass cited Rosneft as reporting.
At the end of 2017, Venezuelan officials granted a license to Rosneft to develop the Patao and Mejillones gas fields for a period of 30 years.
By Murat Temizer
Anadolu Agency
energy@aa.com.tr