Gazprom and state-owned Petroleos de Venezuela S.A. (PDVSA) have signed a Memorandum of Understanding in the presence of Igor Sechin, Deputy Prime Minister of the Russian Federation.

The Memorandum stipulates possible creation of a joint venture to develop the Robalo gas field in the Gulf of Venezuela. Pursuant to the document, PDVSA will supply Gazprom with proposals on the cooperation terms and conditions as well as with geological information about the project.

The Memorandum also envisages negotiations on the project scheme, shareholding structure and other aspects related to the Robalo field development.