Petroleos de Venezuela (Pdvsa) and China National Petroleum Corporation (Cnpc) are moving ahead in contractual aspects for the reactivation and rehabilitation of 800 oil wells with which it is estimated to increase production by 200,000 barrels per day in the short term.
Of the total, 300 wells will be reactivated and another 500 will be rehabilitated in the Orinoco Oil Belt, the largest reservoir of crude oil in the world, according to the press release.
Pdvsa President Nelson Martinez and Cnpc America President Ye Xiandeng held a meeting on Monday to review the technical aspects.
China invests continuously
According to PDVSA, at the meeting the parties defined new mechanisms to ensure the continuity of the current pace of trade between Caracas and Beijing, following the announcement by the Venezuelan government to use a basket of foreign exchange.
PDVSA and Cnpc have joint investments of around US $ 10 billion and are partners in four joint ventures (Petromiranda, Petrourica, Petrolera Sinovensa and Petrozumano). They are also currently developing the construction of the Nanhai refinery in Guangdong Province, China, with capacity to process 400,000 barrels of Venezuelan oil daily, which will serve to increase crude oil production and strengthen alliances between the two countries.
PDVSA currently maintains the supply of oil and refined products with the commercial subsidiary of Cnpc for up to 760,000 barrels per day, as part of the complementary agreements.