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Vietnam, Venezuela set up JV in oil exploitation

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.
The Vietnam National Oil and Gas Group (PetroVietnam) and the Petróleosde Venezuela S.A. (PDVSA) have signed a contract to set up a jointventure to exploit oil and gas in the South American country.

Deputy Prime Minister Hoang Trung Hai, Chairman of PetroVietnamManagement Board Dinh La Thang, General Director of PetroVietnam PhungDinh Thuc and Vietnamese Ambassador to Venezuela Tran Thanh Huanattended the signing ceremony.

The JV dubbed PetroMacareo has atotal investment capital of 8 billion USD, to which PetroVietnamcontributed 3.2 billion USD (40 percent).

The JV will exploitthe 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.
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