Venezuela to build perforation drills in 2009

Oct 06, 2008 02:00 AM

The President of the Venezuelan state-run oil company Petroleos de Venezuela (PdVSA) and Minister of the People's Power for Energy and Petroleum, Rafael Ramirez, stated that in 2009 Venezuela will build perforation drills, which are needed for the oil industry, with China's support.
The statements were made by Ramirez from China, who also said that there will be built mixed companies between Venezuela and China in Anzoátegui state (Venezuela's northeast).

"We have constituted mixed companies to build drills in Venezuela. Perforation drills are essential tools for our oil activity and, for the first time, we will build our own drills," Ramirez explained.
Furthermore, he informed that both countries keep working to develop a joint agreement to produce about 400,000 oil bpd at the block Junín 4 of the Orinoco Oil Belt in Venezuela.

Minister Ramirez explained that the idea is to produce them and improve them in Venezuela, and then "export them to China to supply a set of refineries that are being built in this region."
"We have been working in one of them to determine what will be its location. It will be designed to process Venezuelan oil," Ramirez reiterated.

Likewise, he said that the goal of signing these legal instruments is to supply China with 1 mm oil bpd from Venezuela by 2012. In order to reach this objective, a set of measures have been took like the recent agreement to supply China with 500,000 bpd.
"Currently, we are supplying China with 364,000 bpd of oil and related products. With this agreement we will reach 500,000 barrels and we would be fulfilling our goal for 2009."

Minister Ramirez emphasized that this exchange has a strategic significance.
With the consolidation of the relations between China and Venezuela, the Asian country in joint with its companies will become the nation with more presence in the Venezuelan oil industry.

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