OREANDA-NEWS. November 27, 2008. Within the frame of the official visit paid by Dmitry Medvedev, President of the Russian Federation to Venezuela, Alexander Medvedev, Deputy Chairman of the Gazprom Management Committee and Rafael Ramirez, Venezuelan Energy & Mines Minister, President of Petroleos de Venezuela SA (PdVSA) signed an Agreement on joint examination of the Ayacucho 3 block in the Orinoco Oil Belt.

Once signed, the Agreement means the commencement of the second stage of operations at the Ayacucho 3 block and follows the Agreement on evaluation and certification of the reserves entered into in July 2008.

The work being carried out under the new Agreement will result in a Feasibility Study. On the basis of the Study the parties will be able to obtain permissions from the National Assembly of Venezuela to set up a joint venture for oil production at the block.