Wedoany.com Report-Nov. 21, Venezuela’s National Assembly approved a 15-year extension of the joint ventures between state-owned Petróleos de Venezuela S.A. (PDVSA) and a subsidiary of Russia’s Roszarubezhneft. The decision was taken during a session broadcast on television.

Venezuelan National Assembly's President Jorge Rodriguez, First Vice President Pedro Infante and Second Vice President America Perez arrive at the session of the National Assembly, in Caracas, Venezuela November 20, 2025.

The agreements allow the partnerships to continue operating the Boquerón and Perijá oilfields in western Venezuela until 2041. Lawmakers stated that the projects target the production of approximately 91 million barrels of crude oil over the period, equivalent to an average daily output of 16,600 barrels. The total investment planned for these ventures is estimated at $616 million.

Two lawmakers told Reuters that the agreement was signed between PDVSA and Petromost, the Moscow-based unit of Roszarubezhneft.

Roszarubezhneft, established in 2020 and owned by an entity under Russia’s Ministry of Economic Development, acquired the Venezuelan assets previously held by Rosneft after U.S. sanctions were imposed on two Rosneft subsidiaries for trading Venezuelan oil.

PDVSA continues to operate under U.S. sanctions, which in recent years have restricted foreign investment and the number of international partners in Venezuela’s oil sector.

The approved extension ensures ongoing cooperation in the two western oilfields and supports the continued development of production in that region.