OJSC Zarubezhneft announced it had signed a memorandum of understanding with the state oil company PDVSA.
On January 29-30, 2013, Sergey Kudryashov, General Director of Zarubezhneft, made a working trip to Venezuela as a member of the Russian delegation headed by Rosneft's President Igor Sechin. In the course of the talks, the Venezuelan partners voiced interest in cooperating with Russian oil companies in the way of improving efficiency of the mature field development.
Following the results of the talks Zarubezhneft and the Venezuelan state oil company PDVSA signed a Memorandum of Understanding to confirm the parties' intention to share projects at mature fields of Venezuela. A dedicated joint working group will shortly analyze technical and economic data for a number of Venezuela's fields and consider possible participation in respective EOR projects.
Zarubezhneft is engaged in the organization of development and implementation of complex oil and gas programs and projects abroad both on land, and on the continental shelf. Major objects of petroleum industry in Algeria, Syria, Iraq, Vietnam, Libya, India, Yemen, Cuba and other countries were created with the company's assistance. The company represents interests of the Russian Federation in the Russian-Vietnamese joint venture Vietsovpetro producing about 8 million tpa of oil. Besides, Zarubezhneft has joint projects both with Gazprom in Vietnam and with Rosneft in Central Asia. On the instructions of the Government of the Russian Federation Zarubezhneft functions as an authorized agent for the preparation and implementation of product sharing agreements with respect to subsurface sites and deposits of crude hydrocarbons.
Net profit (RAS) of Zarubezhneft for 2011 was RUB 17.1 billion, revenue amounted to RUB 34.72 billion.