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PDVSA, SONAGOL and CUPET to create oil joint venture
HAVANA
Petroleumworld.com, Dec 06, 2010The Venezuelan National Assembly has approved the creation of oil joint venture among Venezuela, Cuba and Angola, reports Prensa Latina news agency.
The enterprise will include the Venezuelan Oil Corporation, the Cuban Company Cupet and the Angolan enterprise Sonangol.
The development plan comprises activities for the search of crude oil fields, and oil and natural gas extraction in agreement with article 9 of the Hydrocarbons Organic Law.
According to the Venezuelan Ministry of Communications and Information, the Venezuelan company, PDVSA will own 60 % of the actions as part of the full sovereignty policy boosted by this government.
The Venezuelan ministry also announced that with this new company it is expected to reach a maximum production of 20.000 barrels per day, ranging between 11 and 16 API (a classification based on oil weight from the American petroleum Institute).
The company will work for 25 years and will carry out the main actions in the eastern state of Anzoategui. (ACN)
Story from Radio Cadena Agramonte
Radio Cadena Agramonte 12/03/2010
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