Sinopec in Talks for Orinoco Projects


Orinoco Oil Belt
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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.

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