PDVSA, Iran's Petropars Sign JV Agreement

Venezuela's state oil firm PDVSA and Iran's national oil company Petropars have signed a joint venture agreement, Venezuela's President Hugo Chavez said during a state visit to Tehran.

The JV covers Iran's E&P operations in Venezuela.

Petropars already is present in Venezuela through two business deals struck during the Chavez administration.

The Iranian company is one of seven foreign oil companies conducting reserve assessment work in the Orinoco crude oil belt. Petropars is due to perform E&P with PDVSA at the Cardon II offshore block, which holds 3 trillion cubic feet of natural gas.

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