CARACAS, July 29 (Xinhua) -- Venezuela's state oil firm PDVSA and its Russian counterpart, Rosneft, have agreed to promote output in eastern Venezuela, reported the Venezuelan News Agency.
PDVSA President Rafael Ramirez and Rosneft chief Igor Sechin on Tuesday signed agreements over production in the "Hugo Chavez" Orinoco Oil Belt, one of the world's largest oil and gas deposits.
"We have agreed on mechanisms to speed up our joint efforts in Venezuela," with an eye to boosting current production of 150,000 barrels of oil per day to more than a million bpd, Ramirez was quoted as saying.
Sechin said Rosneft will make an initial payment of 440 million U.S. dollars by September as part of its access fee to Venezuelan resources.
"I believe the cooperation between PDVSA and Rosneft is natural and will expand even more," said Sechin.
The two nations already have several joint firms working in the Orinoco Belt, including Petro Victoria, Petro Monagas and Petro Miranda.