Oil and gas corporation to exploit oil in Venezuela

Hanoi (VNA) - PetroVietnam Exploitation and Production Corporation (PVEP), a subsidiary of the Vietnam National Oil and Gas Group (PetroVietnam), will establish a joint venture with a Venezuelan firm to exploit and refine heavy oil in Venezuela .

On Nov. 27, PVEP signed a memorandum of understanding with the Venezuelan Petroleum Corporation (CVP), a member of the Venezuela Oil and Gas Group (PDVSA), on the establishment of a joint venture and contract to exploit and refine heavy oil at Lot Junin 2 in the Orinoco heavy oil belt in Venezuela .

One operational, the project will turn out up to 200,000 barrels a day, equivalent to 10 million tonnes of oil per year.

Heavy crude oil pumped up by the JV will be refined into light oil by its plant.

The JV contract will come into effect immediately after it is ratified by the Venezuelan parliament.-Enditem