Venezuela’s Ministry of Energy and Petroleum has permitted PetroVietnam Exploration and Production Corporation (PVEP) and the Venezuelan Petroleum Corporation (CVP) to form a joint venture, PetroMacareo.
The join venture will explore and process oil in Venezuela’s Orinoco belt, the world’s largest oil reserve, according to Venezuela’s news agency ABN.
CVP, a subsidiary of the state-owned Petroleos de Venezuela SA (PDVSA), will contribute 60% of the capital to the joint venture, and the remaining sum will be born by PVEP.
PetroMacareo, operating in 25 years, will be able to extract 200,000 barrels of heavy and super heavy oil from Field Junin 2 in the Orinoco belt. The produce will then be processed into light crude oil and fed an oil refinery in Việt Nam.
Last year, the Venezuelan Government approved the establishment of a joint venture between CVP and PetroVietnam.