By Carlo Martuscelli

Rosneft Oil Co. (ROSN.MZ) said Saturday that it has signed an agreement with Petroleos de Venezuela SA (PVZ.YY) for the development of two gas fields offshore the South American country.

The agreement was signed on Dec. 16 at a meeting attended by the president of Venezuela, Nicolas Maduro. Under the terms of the deal, Rosneft has been granted a license for the development of the fields for a period of 30 years.

The Russian gas company will be the operator of the projects, and is entitled to export all the gas that is produced at the sites. Rosneft said that it is aiming to produce 6.5 billion cubic meters of gas per year for 15 years.

Write to Carlo Martuscelli at carlo.martuscelli@dowjones.com

(END) Dow Jones Newswires

December 18, 2017 07:37 ET (12:37 GMT)