Chavez, Duarte Agree on Bi-national E&P Commission

Venezuela's President Hugo Chavez and his Paraguayan counterpart Nicanor Duarte have agreed to form a bi-national commission to study E&P of crude in Paraguay, Venezuela's state oil firm PDVSA reported.

"Paraguay has a lot of potential that must be developed and turned into power," Chavez said in the statement, adding that a commission of Venezuelan oil experts would travel to Paraguay soon.

Chavez and Duarte met during the latter's first official visit to Caracas.

If the bi-national project bears fruit, it would be a first for the Venezuelan state oil company, as PDVSA has never performed E&P outside Venezuela. Paraguay is an importer of gasoline and has a limited, joint E&P initiative in India that began last year.

Visit BNamericas to access our real-time news reports, 7-year archive, Fact File company database, and latest research reports. Click here for a Free two week trial to our Latin America Oil & Gas information service.


Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
Land Representative - MCBU Midland Surface
Expertise: Landman
Location: Midland, TX
Land Analyst - MCBU Midland
Expertise: Landman
Location: Midland, TX
Land Representative - MCBU Midland
Expertise: Landman
Location: Midland, TX
search for more jobs

Brent Crude Oil : $49.3/BBL 0.80%
Light Crude Oil : $46.79/BBL 0.70%
Natural Gas : $3.04/MMBtu 0.97%
Updated in last 24 hours