Russian energy giant Rosneft’s CEO, Igor Sechin, met with the President of Petroleos de Venezuela, S.A. (PDVSA), Eulogio Del Pinothe, and the leadership of the country to discuss four cooperation agreements worth $20b that are to enhance oil and gas production in Venezuela. The agreements involve the investments in five joint ventures that currently produce 170,000 b/d of crude, with the potential of increasing to 1mb/d, announced PDVSA.

The two companies  signed an agreement to conduct a feasibility study of the project development and launch operations ofthree exploration blocks offshore Venezuela; Patan, Mejillones, and Rio Caribe, according to Offshore Energy Today. The feasibility study will determine the optimal scheme of implementation of exploration and extraction of oil and gas, and consider possible options for the monetization of hydrocarbons.

The results of the study are set to be completed in the first half of 2017 and will be submitted to Venezuela’s Petroleum Ministry to determine potential tax benefits and conditions for the commercialization of the project’s resources.