Petromacareo, a Joint Venture between Vietnam
and Venezuela, has officially opened its first oil field in the offshore
Junin-2 oil and gas block.
The
event marks an important landmark in the comprehensive ties between the two
countries especially in trade, economics, energy and petroleum to realize the
energy cooperation accord signed in 2006 during the visit of Venezuelan
President Hugo Chávez.
The two
sides agreed to facilitate respective businesses to early churn out the first
batch of oil from the oil field and raise crude oil output as scheduled.
The
venture is operating in an area believed to have reserves of 36.6 billion
barrels of crude oil, and it is expected to pump out a total of 1.466 billion
barrels during its 25-year operation.
The
project has an investment of $1,825 million in 2009-2014.
VGP
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