According to foreign reports on October 12, the Venezuelan government recently approved the establishment of a joint venture between PetroChina and the state-owned oil company PDVSA, and both parties will develop the development of the Orinoco heavy crude oil belt Junin-4.
CNPC's share of the joint venture company is 40%. The daily production of crude oil in the above block is 400,000 barrels.
Venezuela is a member of the Organization of Petroleum Exporting Countries (OPEC) in South America and has abundant oil and gas resources.
CNPC's share of the joint venture company is 40%. The daily production of crude oil in the above block is 400,000 barrels.
Venezuela is a member of the Organization of Petroleum Exporting Countries (OPEC) in South America and has abundant oil and gas resources.
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