20-06-07 Vietnam's government will allow its state oil company PetroVietnam to create a joint venture (JV) with Venezuela's state oil company PdVSA.
PetroVietnam expects to receive an investment license after completing negotiations with PdVSA.

The JV will produce crude in the Orinoco belt's Junin 2 block in Venezuela.
The two countries signed an energy agreement during Venezuelan President Hugo Chavez's visit to Vietnam in late 2006. Nong Duc Manh, head of Vietnam's communist party, was in May in Caracas, where Chavez said the two countries could work together in E&P and refining.

PetroVietnam has agreed with Cuban state oil company Cupet jointly to explore for oil in the Gulf of Mexico.
PetroVietnam’s average daily domestic production comes to 315,000 bpd.