Lake Marawive deposits, the second largest region of country oil manufacture, have been looking for partners for many years. Most potential participants are little known companies with no experience.
The Chinese company China Concord Resources Corp (CCRC) began developing two fields of oil in Venezuela. According to the company representative, the investment will exceed $ 1 billion. Reuters reported it.
By the end of 2026, it was planned to achieve 60 thousand barrels of oil per day.
This is a rare case of investment by a private Chinese company in the economy of the OPEC member country, which has faced capital deficiency for many years due to international sanctions against the Nicholas Maduro government.
The CCRC signed a contract for 20 years in May 2024 as part of an “Anti -Blockade” law enacted by Venezuela to attract foreign partners. The model allows investors to act as operators in exchange for a portion of the victim.
The development took place in Lago Cinco and Lagunillas Lago deposits in the area of Lake Marawive – the second in terms of oil manufacture in the Venezuela region. Taking these deposits has almost stopped for a long time due to lack of investment and technology.
Currently, the CCRC has restored about 100 wells, attracted by 60 specialists and a Chinese drilling rig. The sun -day production reached 12 thousand barrels, but by 2026 the company plans to build 500 wells. We talk about a mix of light and heavy oil: the light will put PDVSA, and the heavy exports to China.
Large energy corporations in China after American penalties of 2019 Venezuela suspended. It opened the way for less popular companies like the CCRC, which took advantage of restrictions for global players.
Earlier, US minister Scott Immentus warned China that the continuation of Russian oil extraction that had fallen under sanctions could lead to the introduction of high roles.
Chinese refinery has clearly increased Russian oil purchases
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.