In Venezuela, Russia’s Rosneft Quietly Expands Its Reach

Forbes ^ | July 2, 2013 | Kenneth Rapoza

[KMR]

Russian oil giant Rosneft is slowly taking over the world's oil fields, especially outside of OPEC. From the Gulf of Mexico to Venezuela, this is fast becoming the world's largest publicly traded oil company you've probably never heard of.

[ckilmer]

Doesn’t look like this company is doing anything spectacular.

[thackney]

Instead of making up a Title and text that isn’t in the article, why don’t you include a decent excerpt and save your editorial for the comment section? If you never heard of Rostneft, then you probably don’t follow much news of the world’s larger oil producers.

From the article:

Russia’s largest oil company, Rosneft , said it signed a deal with Venezuelan state owned oil major PDVSA on Tuesday to explore for fossil fuels off the coast of the oil rich South American nation.

The deal was signed in Moscow between Rosneft President Igor Sechin and Venenzuelan Oil Minister and PDVSA President Rafael Ramirez. The agreement between the two state owned oil giants includes joint studies for evaluation of technical and economic viability of offshore gas in Venezuela, gas liquefaction for export and domestic sales and additional joint development of natural gas fields.

Rosneft and PDVSA are discussing the possibilities of developing oil and gas projects in the Rio Caribe and Mejillones fields, as well as exploring for hydrocarbons in the Venezuelan part of the Caribbean Basin, Gulf of Venezuela and the Atlantic Coast, Rosneft said in a press release today.