Venezuela cooperates with Vietnam to explore oil

The Venezuelan Petroleum Corporation (CVP) has received a permission to set up a joint venture with the PetroVietnam Exploration and Production Corporation (PVEP) to explore and exploit oil in the Orinoco belt.

Under a decree published in the Venezuela’s official gazette on May 21, the joint venture, named PetroMacareo S.A., is also allowed to process heavy oil and extra heavy oil pumped from the 248 sq. km Junin block 2 in the Orinoco belt. The belt is considered to have the world’s largest oil reserves.

In addition, the join venture will be involved in the trading of semi-processed oil and side products.

CVP, a branch of Venezuela's state oil company PDVSA, will hold a 60 percent stake in PetroMacareo, while PVEP will has 40 percent.

According to Venezuela’s newspapers, PetroMacareo will is expected to produce 200,000 barrels of heavy and extra heavy oil from Junin block 2, which will then be processed into light crude oil to supply to an oil refinery in Vietnam.

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