Venezuela”s oil industry, backed up by the world”s largest proved reserves (298.353 billion barrels), has created strategic alliances that involve major foreign companies.

The investment program carried out by the state-owned company Petroleos de Venezuela (PDVSA) includes 216.518 billion dollars for the 2013-2019 period, 208 billion of which (81 percent) will be contributed by the national company.

At the same time, the remaining 19 percent will be allocated by partners in different operations.

The latest action in that direction involved the Russian state-owned company Rosneft, with which PDVSA signed several agreements to develop the Orinoco Oil Strip.

One of the agreements is aimed at setting up a joint venture between PDVSA Ingeniería y Construcción and RN Foreign Projects, attached to Rosneft, to develop engineering and execution services in infrastructure works.

Another company will provide specialized services on the Strip, in addition to a joint study of eventual energy projects off the coast to extract gas and byproducts.

The two companies also defined technical cooperation to train Venezuelan professionals at the University of Oil and Gas of Russia (GUBKIN).