Venezuela Approves 15-Year Oil Deal With Russia, Advances Plans for Gas Exports to Colombia

Nov 22, 2025 at 10:01 AM

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Lanka Leader

Venezuela has approved a 15-year extension of joint oil ventures with Russia, reinforcing a long-standing energy alliance and setting the stage for expanded regional exports.

On November 20, the Venezuelan National Assembly authorized continued exploration and production operations for the Boquerón and Petroperijá joint ventures until 2041. Both projects involve Russian investment and are operated in partnership with state-owned Petroleos de Venezuela (PDVSA) in the oil-rich state of Zulia.

Vice President Delcy Rodríguez welcomed the approval, describing it as a key step for the country’s energy sector. “This is an important step in the development of our country’s energy sector. Our strong energy partnership supports a future of shared independence and prosperity,” she said, adding that U.S. sanctions have not halted Venezuela’s efforts to expand its role as a global energy supplier.

Rodríguez praised the resilience of the industry, saying no “illegal blockade” would prevent Venezuela from sharing its energy resources with the region.

According to Orlando Camacho, president of the National Assembly’s Energy and Petroleum Commission, Petroperijá plans to invest approximately US$292 million to extract 68 million barrels of crude oil and more than 28 billion cubic feet of associated gas. Analysts say the expansion will boost production in one of western Venezuela’s most strategically important oil zones.

The decision comes as Caracas seeks to sustain economic recovery by attracting foreign capital, increasing crude output, and strengthening ties with strategic partners, including Russia. Political observers note that the renewed agreements also carry geopolitical weight, signaling continued alignment between Caracas and Moscow on fossil-fuel development.

In a separate announcement, President Nicolás Maduro said Venezuela is prepared to begin exporting natural gas to neighboring Colombia. He framed the prospective exports as part of a broader push toward economic integration. “We must promote a unified bilateral economy. History forces us to unite and rebuild the foundations of Greater Colombia,” he said.

Maduro reiterated that the country is on track to reach 1.2 million barrels of oil production per day, crediting workers for the sector’s gradual recovery. He also emphasized that Venezuela’s economic progress remains tied to Bolivarian principles.

The president highlighted Venezuela’s improving macroeconomic indicators, citing an Economic Commission for Latin America and the Caribbean (ECLAC) projection of 6% GDP growth this year. He noted that the country has recorded 18 consecutive quarters of economic expansion and that more than 90% of goods available in the domestic market are now produced locally.

Maduro also underscored the strong social and cultural ties between Venezuela and Colombia, referencing the approximately six million Colombians currently residing in the country. Analysts say the government’s renewed focus on cross-border energy cooperation reflects a broader effort to deepen historic bilateral relations.