PetroVietnam to Set Up Oil JV for Devt Offshore Venezuela


Orinoco Heavy Oil Belt
(Click to Enlarge)

HANOI (Dow Jones Newswires), Jul. 3, 2009

State-run Vietnam Oil and Gas Group, or PetroVietnam, said Friday it will set up an oil joint venture with Venezuelan Petroleum Corp. in the second half of this year.

The joint venture, PetroMacareo, will produce oil in the Junin-2 offshore block in Venezuela's Orinoco belt, PetroVietnam said in a statement.

State media said in May that Venezuelan Petroleum Corp., a subsidiary of Venezuela's state oil firm PdVSA, will hold a 60% stake in the joint venture, while PetroVietnam Exploration Production Corp., a leading production unit of PetroVietnam, will hold the remaining 40%.

PetroMacareo will be able to produce a combined 200,000 barrels a day of heavy and extra heavy oil from the Junin-2 block, which will then be processed into light crude oil to supply to an oil refinery in Vietnam, said Voice of Vietnam radio.  

Copyright (c) 2009 Dow Jones & Company, Inc.

Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE


Most Popular Articles


From the Career Center
Jobs that may interest you
Division Order Analyst - DJ Land Administration
Expertise: Business Analyst|Commercial Management|Landman
Location: Denver, CO
 
Automation Engineering Manager
Expertise: Electrical Engineering|Engineering Manager
Location: Houston, TX
 
Staff Land Analyst Job
Expertise: Lease Analyst
Location: Houston, TX
 
search for more jobs

Brent Crude Oil : $56.86/BBL 0.76%
Light Crude Oil : $50.66/BBL 0.21%
Natural Gas : $2.959/MMBtu 0.30%
Updated in last 24 hours