CNPC Shows its Commitment to the Growth of the Faja Petroífera del Orinoco

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15-12-2012

China National Petroleum Corporation – CNPC, made a payment of 180 million American dollars to the Bolivarian Republic of Venezuela. This was the second portion of a bond for the right to participate in the joint venture Petrourica, S.A. for the exploitation of certified crude reserves in the Junin 4 Block of the Faja Petrolífera del Orinoco – FPO (Orinoco Oil Belt).

With this payment the Chinese company affirms its commitment and total support of the strategies outlined in the Siembra Petrolera Plan (Oil Harvest Plan), including early production activities and infrastructure’s basic engineering for the production and upgrading of extra heavy crude.

This landmark payment was the result of the contract that was signed for the development of basic engineering for Petrourica’s 42° API upgrader, which will process 200 thousand extra heavy crude barrels. This work will be performed by the company ICHQ along with the French company Technip and a group of domestic consulting companies.

This commitment was strengthened recently in Beijing, China where the 11th China-Venezuela High-Level Joint Committee took place within the framework of the strategic alliance between both nations to promote joint projects in energy and mining.

In this meeting, CNPC endorsed the execution of important energy projects through new agreements signed with PDVSA including the evaluation of the joint development of the FPO’s Junin 10 South Block and the conceptual and basic engineering for the construction of the oil pipeline network for interconnection between the FPO and the national refining circuit.

From Beijing, CNPC’s senior management headed by president Jiang Jiemin, expressed their best wishes for Venezuela’s President Hugo Chavez’s prompt recovery. They also affirmed their commitment to carry all these projects through to a successful conclusion.

Petrourica is a joint venture between Petróleos de Venezuela and China National Petroleum Corporation for the production and upgrading of 400 thousand extra heavy crude barrels per day from the FPO. Currently the joint venture is building early production facilities and is executing activities for reservoir delineation, among which is 3D seismic data collection covering the entirety of the designated area, as well as the basic engineering of the production facilities and its export oil pipelines, with the participation of more than 2 thousand 200 direct workers, including their own labor force and contractors.


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