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Financial News: VENEZUELA: Country And China To Increase Oil Production

VENEZUELA: Country And China To Increase Oil Production By 200,000 Bpd

09/26/2017 - 17:10:00 (RTTNews)

(RTTNews) - The Venezuelan state-owned oil company PDVSA and the China National Petroleum Corporation (CNPC) are moving ahead with the reactivation of 300 wells in the Orinoco Oil Belt and the rehabilitation of 500 additional wells in the province of Anzoátegui, aiming at increasing oil production by 200,000 barrels per day (bpd) in the short term.

The bilateral decision was made as part of a meeting between PDVSA President Nelson Martinez and CNPC America President Ye Xiandeng to discuss details of these projects. Also, "it allowed, in turn, to strengthen strategic ties between both companies and ratify the provision in the evaluation of new business opportunities," the statement said.

PDVSA and CNPC have joint investments of US$ 10 billion that develop oil production projects in the country, in addition to the development of the construction of the Nanhai Refinery in China's Guangdong Province.

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