The oil and gas supply crisis unleashed by the Russian invasion of Ukraine represents new business opportunities for the oil-producing countries of the developing South, both traditional and emerging, and also for accelerating the global transition to green forms of energy.
Russian state oil firm Rosneft and Venezuela's PDVSA (Petróleos de Venezuela S.A.) have agreed to form a partnership to exploit an oilfield with estimated reserves of 40 billion barrels, strengthening the alliance between the two countries.