Venezuela approves petroleum joint venture with Vietnam

The Venezuelan government has ratified the establishment a joint venture between the Venezuelan Petroleum Corporation (CVP), a branch of Petroleos de Venezuela S.A (PDVSA), and the National Oil and Gas Group of Vietnam (PetroVietnam) in seeking and exploiting petroleum in this South American country.

Following a decision issued in an official gazette on December 15, the joint venture will drill for and exploit crude oil on bloc Junin covering 2,247 km2, in the state of Anzoategui.

With CVP holding 60% of stake and PetroVietnam, the remainder, the joint venture will be in operation for 25 years.

Sorce: vnbusinessnews