The partners will explore ways to expand crude extraction in Orinoco Belt, which is believed to host richest oil reserves in the world.
Rosneft and PDVSA already have several joint ventures in this oil-rich territory.
Venezuela state-run energy company PDVSA earlier announced plans to double oil production to six million barrels a day by 2019.
In November 2014, the companies signed a supply contract pursuant to which 1.6 million tons of oil and 9 million tons of oil products will be supplied to Rosneft for the next five years.
Meanwhile, Rosneft plans to increase its stake in the PetroMonagas heavy oil joint venture in the Orinoco basin to up to 40% from the current 16.7%. Rosneft acquired its stake in the project from TNK-BP in 2013.
Image: Rosneft CEO Igor Sechin. Photo: courtesy of Rosneft.
