VN, Venezuela open new oil field

Deputy PM Hoàng Trung Hải and staff and workers at the offshore Junin-2 oil and gas block, Caracas, April 19, 2012 – Photo: VGP/Nguyên Linh

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 US$1,825 million in 2009-2014./.

By Kim Loan