HomeBusiness Vietnam, Venezuela set up JV in oil exploitation
Vietnam, Venezuela set up JV in oil exploitation
Friday, 02 July 2010
The Vietnam National Oil and Gas
Group (PetroVietnam) and the Petróleos de Venezuela S.A. (PDVSA) have signed a contract
to set up a joint venture to exploit oil and gas in the South American
country.
Deputy Prime Minister Hoang Trung
Hai, Chairman of PetroVietnam Management Board Dinh La Thang, General Director
of PetroVietnam Phung Dinh Thuc and Vietnamese Ambassador to Venezuela Tran
Thanh Huan attended the signing ceremony.
The JV dubbed PetroMacareo has a total investment capital of 8 billion USD, to
which PetroVietnam contributed 3.2 billion USD (40 percent).
The JV will exploit the offshore Junin-2 oil and gas block of 33 billion
barrels in reserves (equivalent to 200,000 barrels per day).
The JV, which has a duration of 25 years and an extended duration of 15 years,
has been Vietnam
’s largest overseas investment so far.
