Venezuela’s National Assembly has approved extensions for joint ventures in the energy sector between PDVSA and its partners. Photo: National Assembly.
Guacamaya, November 21, 2025. Venezuela’s National Assembly on Thursday approved extensions for two joint ventures with Russian state-owned company Petromost, Petroperijá and Boquerón, allowing them to continue their production from 2026 until 2041.
Petromost holds significant shares in five joint ventures with PDVSA, acting as a substitute for the more well-known Rosneft. Another Russian holding company holds gas licenses in the Gulf of Venezuela.
In 2020, Moscow began transferring Rosneft’s shares in joint ventures in Venezuela to Roszarubezhneft, due to secondary US sanctions targeting the Russian presence in the South American country. Later, in 2022, a second transfer to Petromost began.
In 2024, the same National Assembly approved longer extensions for Chevron’s joint ventures, running into 2050 instead.
According to figures obtained by Orinoco Research, the production of the two joint ventures is minimal. Boquerón, in the East, would be producing 1,600 barrels per day, while Petroperijá, in the West, only 600 barrels per day.
Boquerón has proven reserves of 486 million barrels of crude oil, and Petroperijá, just in the Alturitas field, 1.467 billion barrels. In both cases, the oil is medium crude, between 29 and 30 degrees API.
Petromost’s main joint ventures in Venezuela are in the Orinoco Oil Belt: Petromonagas, with an average production of 87,000 barrels per day; Petromiranda, with 16,000; and Petrovictoria, with 9,000.
