Orinoco: sun rise over Venezuela's oil-rich belt.
CNOOC teams up with PDVSA
State-owned China National Offshore Oil Corporation (CNOOC) and Venezuela’s PDVSA have signed a deal to jointly develop oil and gas reserves in the Latin American country.
CNOOC has signed a memorandum of understanding with its Venezuelan counterpart for the development of heavy oil and offshore oil and gas resources.
The agreement was signed in Venezuela on 22 December, a CNOOC executive told China Daily.
CNOOC will help Venezuela to develop the Boyaca 3 oil block in the Orinoco belt, a large heavy-crude basin in eastern Venezuela, Wall Street Journal reported yesterday.
The report also said China National Petroleum Corporation has secured another oil block that will produce 400,000 barrels per day of oil.