Sinopec in Talks for Orinoco Projects


Orinoco Oil Belt
(Click to Enlarge)
China's second largest oil producer China Petrochemical (Sinopec) is in talks with Venezuela's government to begin E&P in the Orinoco heavy crude belt, Chinese state-controlled newspaper Shanghai Daily reported.

In addition to the Orinoco project, Sinopec will control 32% of a JV operating in the Posa exploration project in the eastern part of the Gulf of Paria. PDVSA will control 60% of the project and Venezuela's Inelectra the remaining 8%, the paper said.

Sinopec also is active in Ecuador.

Venezuela's energy and oil minister Rafael Ramírez announced last year China would invest US$5bn in Venezuela's oil industry.

Visit BNamericas to access our real-time news reports, 10-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.

Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE


Most Popular Articles


From the Career Center
Jobs that may interest you
Business Development Analyst
Expertise: Business Analyst|Business Development
Location: Chesapeake, VA
 
Attorney I
Expertise: Contracts Administration|Legal
Location: Houston, 
 
Project Engineer/Project Manager
Expertise: Project Management
Location: Baton Rouge, 
 
search for more jobs

Brent Crude Oil : $55.49/BBL 2.45%
Light Crude Oil : $52.42/BBL 2.04%
Natural Gas : $3.2/MMBtu 5.04%
Updated in last 24 hours