Venezuela and China agreed to implement development plan in Petrozumano joint venture

Eulogio del Pino, Minister of People’s Power for Oil and Mining, announced this Thursday that the Bolivarian Republic of Venezuela and China agreed to implement a development plan in the Petrozumano joint venture, which would increase the production of 15,000 barrels of oil per day .
He emphasized that in that company will be invested 225 million dollars, financed with an oil fund approved by the Bank of Development of China. In addition, he stressed that Petrourica, one of the new companies in the Oil Strip, will have an investment of 500 million dollars, which will allow production to be brought to 30 thousand barrels per day.
«At Sinovensa we took the decision and delivered the memorandum of understanding to start the engineering of phase one and extend production to 200,000 barrels per day,» said Del Pino.
He asserted that has emerged a new project to increase production of light crude oil in the strip, with a new drilling scheme. This project will be carried out by a subsidiary company of the CNPC and will allow to incorporate 42,800 barrels of light crude oil.