Author: La Tabla/ 20 NOV 2025.
On Thursday, the National Assembly is set to approve the extension of operations for the joint ventures Boquerón, S.A. and Petroperijá, S.A., both formed by the Venezuelan state-owned company PDVSA and the Russian energy firm Rosneft.
This extension would cover the period from 2026 to 2041, in accordance with the Constitution and the Organic Hydrocarbons Law.
– Boquerón, S.A. operates in the field of the same name, located in the Maturín municipality of Monagas state, extracting light crude oil. The shareholding structure is: PDVSA 60%, Rosneft 26.67%, and PEI 13.33%.
– Petroperijá, S.A. is engaged in activities on the Western Coast of Lake Maracaibo, Zulia state, at mature oil fields. Its shareholder structure is: PDVSA 60% and Rosneft 40%, a stake acquired by the Russian firm through TNK-BP in 2010.
Although no recent official figures regarding production volumes have been published, it is known that Boquerón has transitioned from natural flow extraction to artificial lift using gas (Coiled Lift) to enhance its performance. As for Petroperijá, Rosneft reported a “good level” of extraction in 2019 without specifying volumes.
Both companies were operational until 2026, so the proposed extension would prolong their activities for an additional 15 years, aligning with recent precedents.
In 2024, the National Assembly approved similar extensions for two joint ventures with Chevron:
– Petropiar, S.A. received a 15-year extension, moved up from the period 2032–2047.
– Petroindependencia, S.A. obtained a 15-year extension, increasing its validity from 2036 to 2051.
Both decisions set a precedent for early extensions, unlike the current case with Rosneft, where the extension is requested at the end of the current period.