CNPC and PDVSA Join Forces to Develop Junin-4 Block

On May 9, witnessed by Venezuela President Hugo Chavez and Chinese Vice Premier Hui Liangyu, a framework agreement on creating a joint venture to develop Junin-4 Block was signed by CNPC Vice President Zhou Jiping and Venezuelan Energy and Oil Minister Rafael Ramirez, who is also President of PDVSA.

According to this framework agreement, a joint venture will be established by CNPC and PDVSA, in which CNPC has a 40% stake and PDVSA has a 60% stake. The venture will drill for and upgrade the super-heavy oil at Junin-4 Block in the Orinoco heavy oil belt with a target annual productivity of 20 million tons.


Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
United States Houston: HR Operations Partner
Expertise: Business Development|HR - General
Location: Houston, TX
United States Williston: Account Rep, Bus Dev
Expertise: Business Development|Marketing|Sales
Location: Williston, ND
Senior Operations Work Coordinator Job
Expertise: Business Development|Construction Superintendent|Operations Management
Location: Arvada, CO
search for more jobs

Brent Crude Oil : $52.42/BBL 2.12%
Light Crude Oil : $49.51/BBL 2.35%
Natural Gas : $3.17/MMBtu 2.25%
Updated in last 24 hours