Oil rig with China.(VENEZUELA)

0 Comments | Caribbean Update, July, 2009

Venezuela is poised to begin building the first joint Venezuelan-Chinese oil drilling platform in June, according to Energy Minister Rafael Ramirez, reports AFP (May 20, 2009):

"The oil drilling platform is at a very advanced stage in the (western) Orinoco Belt," Ramirez told the Panorama newspaper, from the northwestern city of Maracaibo. Run through a joint venture between Venezuelan Petroleum (PDVSA) with a 60% stake, and China National Petroleum Co. (CNPC) with a 40% stake, the oil rig will maintain 24 active teams, Ramirez said. There are 276 active oil rigs here, 51 of which are owned by PDVSA and the rest are run by contractors. Seventeen others are undergoing maintenance and four are inactive due to cuts agreed with the Organization of the Petroleum...