According to the memorandum, the parties intend to coordinate efforts for conducting research focused on innovations and technologies in the oil and gas sector, as well as for organising conferences, workshops, master classes and lectures on topics of mutual interest. The memorandum will remain in force for three years, with the possibility of extension.

“This memorandum sets up a framework for collaboration between the Global Energy Association and PDVSA. As the global leader in terms of oil reserves and a major regional hydrocarbon producer, Venezuela remains an important spot on the world map of the oil and gas sector. In this regard, cooperation with PDVSA opens up additional opportunities for Global Energy to pursue research and educational projects in the field of conventional energy, and to attract more applications for the Prize from Latin America”, said Sergey Brilev, president of the Association.