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29

China, Venezuela Forming Joint Venture

China National Petroleum Corp. has signed a preliminary agreement with Petroleos de Venezuela

China National Petroleum Corp. has signed a preliminary agreement with Petroleos de Venezuela to form a joint venture for developing some oil fields in Venezuela.
As PDVSA said, the two companies would develop and operate Venezuela?s Zumano fields in the eastern part of the country.

Zumano has proven reserves of about 400 million barrels of light oil and 4 trillion cubic feet of natural gas.

Venezuelan company?s spokesman said the venture would be the first exploration and production project under the country's new hydrocarbons law, which stipulates majority control of such ventures by the company.

Petroleos de Venezuela offered CNPC the Zumano fields in January, which are now producing about 25,000 barrels of oil a day.