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China, Venezuela to pump 200,000 b/d in Orinoco by 2010
Platts
CARACAS
Petroleumworld.com 08 24 06
China and Venezuela will together produce 200,000 b/d in Venezuela's
Orinoco heavy oil belt by 2010, a statement released by Venezuelan state oil
company PDVSA said Thursday.Under an agreement signed by PDVSA and China's CNPC, the companies will
start drilling in October of this year at the Junin 4 block, where they are
currently certifying reserves, and aim to finish drilling by the second half
of 2007. The two countries signed a total of 12 energy agreements during
Venezuelan President Hugo Chavez's visit to China this week, the statement
said."China is one of the biggest consumers of oil in the world, while
Venezuela is one of the biggest producers ... so both countries are absolutely
complementary," Chavez said in the statement. China and Venezuela will also
develop other mature fields, helping joint PDVSA-Chinese production to reach
400,000 b/d by 2011, the statement said. PDVSA says this will help it meet its
goal of raising total Venezuelan production to 5.8 million b/d by 2012.CNPC and PDVSA signed an MoU to form a joint venture to operate Venezuela?'
Caracoles and Intercampo Norte fields, and well as developing the Zumano
field. China's Sinopec will also develop the Posa oil field in the Gulfof
Paria. Other agreements included a deal between PDVSA and China?s CNUOC under
which Venezuela will supply China with 8 million bbls of crude between
September and December 2006.According to the statement, Venezuela was sending 150,000 b/d to China at
the start of 2006 and expects to raise exports to China to 300,000 b/d by the
end of the year. PDVSA then aims to be exporting 500,000 b/d to China by 2010.Chavez said on Thursday that Venezuela even hopes to raise that number to
1 million b/d within the next decade, according to comments televised on
Venezuelan state network Venezolana de Television. PDVSA also signed an
agreement with China's CNPC to acquire 13 oil-drilling rigs, the statement
said. The agreement will also send 195 Venezuelans to China for training to
build rigs in Venezuelawith Chinese technology.PDVSA also signed a memorandum of understanding with China State
Shipbuilding Corporation and China Shipbuilding Industry Corporation to
jointly build 18 oil tankers that will enlarge PDVSA's fleet. The two
countries also signed an agreement to carry out a feasibility study on ethanol
production in Venezuela, benefiting from China's experience in the area.Last year, PDVSA invited China's CNPC and six other companies to certify
reserves in blocks in the Orinocobelt. Chavez and Ramirez will also visit
Angola and Malaysia on their current trip.For more news, request a free trial to Platts Oilgram News at
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Platts 24 08 06
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