(MENAFN) Venezuela has approved a 15-year renewal of its joint oil ventures with Russia, allowing cooperation between state energy firm PDVSA and the Russian company Roszarubezhneft to continue well into the next decade, according to an official announcement published by the National Assembly.

The decision tightens energy ties between Caracas and Moscow despite long-standing US sanctions on both countries and allegations that Washington is seeking to unseat President Nicolas Maduro under the banner of counter-narcotics efforts.

Lawmakers said Thursday’s extension secures operations at several oilfields in western Venezuela until 2041. They projected production of around 91 million barrels of crude over the renewed period, alongside roughly $616 million in planned investments. The move comes shortly after Presidents Vladimir Putin and Maduro signed a broader strategic cooperation agreement.

Roszarubezhneft was formed in 2020 after two Rosneft subsidiaries were hit with US sanctions for facilitating sales of Venezuelan crude. The newly created state company then assumed Rosneft’s assets in Venezuela, enabling Russia to retain its footprint in the sector.

Both countries remain targets of extensive Western restrictions — Venezuela over its political and economic crisis and Russia over developments in Ukraine since 2014. Caracas has consistently defended Moscow on the global stage while expanding bilateral initiatives in energy, trade and diplomacy.

The renewed oil partnership coincides with heightened US pressure on Venezuela. American military deployments in the Caribbean and recent strikes on small vessels — described by Washington as drug-smuggling boats — have increased tensions. US officials continue to label Maduro an illegitimate leader with cartel ties, fueling speculation about possible military action.

Maduro rejects these accusations, insisting Washington is using drug-trafficking claims as a cover for regime-change efforts and asserting that the true motive is control over Venezuela’s natural resources.

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