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27

China Got Heavy Oil Area in Venezuela

China joins the quantification of Orinoco River Strip

China joins the quantification of Orinoco River Strip that should turn Venezuela into the first world reserve of hydrocarbons after drilling the planned oil wells.

It will be the first drilling out of six foreseen in the fourth bloc of Junin field, the Venezuelan Oil Corporation business manager Pedro Leon said.

According to predictions the area appointed to the Chinese Oil National Company should have oilfields of 35 million barrels out of the 236 billions expected to be certified in the Orinoco Strip.

It is heavy crude oil, previously considered bitumen, which Venezuela has resolved to certify now as oil, to join it to its 79 billion of reserve and turn the South American country into the biggest hydrocarbon world reserve.