The decision ratifies a long-term energy alliance with Moscow.

On Thursday, the National Assembly reaffirmed the strategic energy alliance between Russia and Venezuela by approving a 15-year extension of exploration and production operations for the Boqueron and Petroperija oil companies through 2041.

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“We thank our National Assembly for authorizing the 15-year extension for the joint ventures that were established under the strategic energy alliance with Russia,” Venezuelan Vice President Delcy Rodriguez said.

“This is a fundamental measure in favor of the homeland’s energy development. Our countries’ auspicious energy relationship strengthens a future of shared sovereignty and prosperity,” she added.

Rodriguez also emphasized that the U.S. blockade against her country has not prevented President Nicolas Maduro from continuing his efforts to bolster Venezuela as a global energy provider.

“No illegitimate blockade can overcome our energy strengths, which serve shared development. Long live the Russia-Venezuela relationship!” she said.

Boqueron and Petroperija are joint ventures made up of Russian investment alongside the state-owned Petroleos de Venezuela (PDVSA). They have been operating in oil extraction activities in Zulia state, a strategic region for the Venezuelan industry.

Legislator Orlando Camacho, chair of the National Assembly’s Energy and Petroleum Commission, said Petroperija will invest about US$292 million to extract 68 million net barrels of crude and over 28 billion cubic feet of associated gas. These operations will help energize one of the fields with the greatest potential in western Venezuela.

The National Assembly’s decision comes as Venezuela seeks to sustain its economic recovery through investment diversification, attracting capital from strategic allied countries, and increasing oil production.

The extension of operations for Boqueron and Petroperija also signals a clear geopolitical message: Caracas and Moscow will maintain a long-term partnership focused on fossil fuel development.

teleSUR/ JF

Sources: Venezuela News – VP

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