Xinhua's China Economic Information Service
May 15th 2007
Petroleos de Venezuela SA (PdVSA) is talking with China’s largest oil refiner Sinopec on cooperation in oil exploration in Venezuela, including the Posa Oilfield, northern Gulf of Paria, according to China Business News’ report. PdVSA is starting full cooperation with Chinese oil companies, according to the report.
Aside from oil exploration, the company is also talking with China’s largest oil producer CNPC to refine extra-heavy crude and purchases China-made drilling flats and so on.
In March 2007, PdVSA inked contracts with CNPC to co-invest 13 billion dollars to set up several joint ventures for different projects, containing Petrozumano Company for Zumano oilfield’s development and refining tar in PetroChina’s refineries from Orinoco Basin.
Chinese oil companies will produce at least 400,000 barrels of crude oil in Venezuela by 2011, PdVSA said.