Project Profile
Value: Undisclosed
Location: Orinoco Oil Belt
Peak Production: 200,000 bpd
China and Venezuela have agreed to invest US$40 billion. Projects to drill 800,000 barrels per day of crude oil will be set up.
Sinopec will partner with the state-run oil company Petróleos de Venezuela (Pdvsa) to develop the Junín 1 and Junín 8 oil blocks at the Orinoco Oil Belt. The joint venture is aimed at producing 200,000 bpd in each block.
Operators:
Sinopec
Petroleos de Venezuela S.A. (PDVSA)