• 3 minutes Nucelar Deal Is Dead? Iran Distances Itself Further From ND, Alarming Russia And France
  • 5 minutes Don Jr. Tweets name Ukraine Whistleblower, Eric Ciaramella. Worked for CIA during Obama Administration, Hold over to Trump National Security Counsel under Gen McCallister, more . . . .
  • 9 minutes Shale pioneer Chesepeak will file bankruptcy soon. FINALLY ! The consolidation begins
  • 12 minutes China's Blueprint For Global Power
  • 1 hour Pioneer's Sheffield in Doghouse. Oil upset his bragging about Shale hurt prices. Now on campaign to lower expectations, prop up price.
  • 45 mins Tesla Launches Faster Third Generation Supercharger
  • 3 hours Who writes this stuff? "Crude Prices Swing Between Gains, Losses"
  • 3 hours Passerby doused with flammable liquid and set on fire by peaceful protesters
  • 5 hours EU has already lost the Trump vs. EU Trade War
  • 7 hours Joe Biden, his son Hunter Biden, Ukraine Oil & Gas exploration company Burisma, and 2020 U.S. election shenanigans
  • 8 hours Atty General Barr likely subpeona so called whistleblower and "leaker" Eric Ciaramella
  • 11 hours Iran Finds New Oil Field With Over 50 Billion Barrels: Rouhani
  • 2 hours Climate Change Consensus Shifts in Wind, But Gas Is Still the Right Move
  • 3 hours China's Renewables Boom Hits the Wall
  • 12 hours Iran's Master Plan?
  • 6 hours Does .001 of Atmosphere Control Earth's Climate?!

Breaking News:

Oil Rebounds On Surprise Crude Draw

Charles Kennedy

Charles Kennedy

Charles is a writer for Oilprice.com

More Info

Premium Content

Venezuela Receives Russian Armaments Loan for Increased Energy Access

The Russian Federation has agreed to provide Venezuela with a two year $4 billion loan for armaments purchases in return for increased access to developing Venezuela’s heavy crude and offshore natural gas fields.

The energy agreements were signed between Russian oil firm Rosneft, state-owned natural gas company Gazprom and Venezuela’s state oil company Petroleos de Venezuela SA during a ceremony in the Venezuelan capital Caracas attended by Venezuelan President Hugo Chavez and Russian Federation Deputy Prime Minister Igor Sechin. Chavez subsequently stated on state television, "Russia and Venezuela, each country with its own dimension, are walking today on our own feet. We're working on large-dimension projects from oil, gas and petrochemicals to finance, banking and trade," Rossiiskaia Gazeta newspaper reported.

According to Sechin, Russian energy companies are interested in expanding their efforts to develop the Orinoco Belt Junin-6 deposit, where the Russian-Venezuelan joint venture began working last December. According to plan, the joint venture’s first drilling and subsequent oil is expected in May 2012, with initial production to consist of roughly 50,000 barrels per day.

The Chavez administration beyond bilateral energy ties is interested in reequipping its military with Russian armaments in the wake of a U.S. arms embargo.

By. Charles Kennedy, Deputy Editor OilPrice.com




Download The Free Oilprice App Today

Back to homepage



Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play