Venezuela and Japan targeting E&P plan for Orinoco Junin area

Venezuela and Japan will have an exploration and production plan for the Junin area in the Orinoco extra heavy oil belt ready by October and a joint venture company to carry out the E&P plan will be floated by the year-end, Venezuela's energy and oil minister, Rafael Ramirez, said.
Ramirez, who is also president of the state oil company PdVSA, said that they were looking to get the Junin development plan ready by September or October this year.

Japan and Venezuela held bilateral energy talks over July 27-28 in Caracas, during which the development of the oil-rich Orinoco belt, the upstream gas sector and financing of energy projects in Venezuela were discussed. The Japanese delegation was headed by Toru Ishida, director-general of the Natural Resource Agency at the Japanese Ministry of Economy, Trade and Industry.
The Japanese delegation comprised besides METI, the government's energy financing arms Japan Oil, Gas and Metals National Corporation, Japan Bank for International Cooperation,Nippon Export and Investment Insurance and upstream company Inpex, engineering company JGC, and trading houses Marubeni, Mitsui, Mitsubishi and Itochu from the private sector.

Japan and Venezuela had signed a memorandum of understanding on energy cooperation March 19 in Tokyo. Ramirez' latest remarks on Junin follows PdVSA's agreement April 6 with JOGMEC, Inpex and Mitsubishi to conduct a two-year joint study on development options at Venezuela's onshore Junin 11 block in the Orinoco extra heavy oil belt.
Mitsubishi, Itochu, Mitsui and Marubeni all have ongoing energy projects in Venezuela.

The Junin venture is in addition to the Carabobo 1 subdivision, where several Japanese companies are competing for new E&P licenses and for upgrading units in three areas of the Orinoco.
JOGMEC, Inpex and Mitsubishi have said they are considering participating in Venezuela's Orinoco Belt licensing round.