PetroVietnam to set up oil joint venture offshore Venezuela
State-run Vietnam Oil and Gas Group, or PetroVietnam, said it will set up an oil joint venture with Venezuelan
Petroleum Corp. in the second half of this year.
The joint venture, PetroMacareo, will produce oil in the Junin-2 offshore block in Venezuela's Orinoco belt,
PetroVietnam said.
State media said in May that Venezuelan Petroleum Corp., a subsidiary of Venezuela's state oil firm PdVSA, will hold
a 60 % stake in the joint venture, while PetroVietnam Exploration Production Corp., a leading production unit of
PetroVietnam, will hold the remaining 40 %.
PetroMacareo will be able to produce a combined 200,000 bpd of heavy and extra heavy oil from the Junin-2 block,
which will then be processed into light crude oil to supply to an oil refinery in Vietnam.
