OREANDA-NEWS. On January 29-30, 2013 General Director of "Zarubezhneft" JSC Sergey Kudryashov made a working trip to Venezuela as a member of the Russian delegation headed by the President of "Rosneft" JSC Igor Sechin.

In the course of the talks representatives of the Venezuelan side expressed interest in cooperation with the Russian oil companies in a part of improving efficiency of the mature field development. Following the results of the talks "Zarubezhneft" JSC and Venezuelan state oil company PDVSA signed Memorandum of understanding on possible joint cooperation 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 participation in projects to raise their oil recovery ratios.