Vietnam, Venezuela open new oil field
Deputy PM Hoang Trung Hai and staff and workers at the offshore Junin-2 oil and gas block,
Caracas, April 19, 2012
The event marks an important landmark in the comprehensive ties between the two countries especially in trade, economics, energy and petroleum to realize the energy cooperation accord signed in 2006 during the visit of Venezuelan President Hugo Chávez.
The two sides agreed to facilitate respective businesses to early churn out the first batch of oil from the oil field and raise crude oil output as scheduled.
The venture is operating in an area believed to have reserves of 36.6 billion barrels of crude oil, and it is expected to pump out a total of 1.466 billion barrels during its 25-year operation.
The project has an investment of $1,825 million in 2009-2014.
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