Talking about RIGZONE – CNPC, Sinopec, Cnooc Sign Venezuela O&G Deals



RIGZONE – CNPC, Sinopec, Cnooc Sign Venezuela O&G Deals

China’s three main state-owned oil companies have strengthened their ties to Venezuela’s energy sector, signing six agreements and increasing their investments to a planned $40 billion dollars. The deals are the latest of a string of multi-billion dollar South American ventures signed by Chinese companies in recent months, aimed at acquiring major chunks of the continent’s rich resources and at helping fuel China’s economic boom. Among the agreements signed was one by China National Petroleum Corp., President Jiang Jiemin and Venezuela Oil Minister Rafael Ramirez, for the joint development of the Orinoco basin Junin 4 oil block, the Chinese company said Friday in its in-house newspaper. It said the agreement had been signed Wednesday. The cost of developing Junin 4, capable of producing 400,000 barrels of crude daily, could be as much as $16 billion, with the block developed as a 60:40 joint venture by state-owned Petroleos de Venezuela SA and CNPC, the two companies said in April when they agreed to a preliminary pact

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