Venezuela has selected a little-known,
Dutch-registered company for a new joint venture at the Junin 10 oil block in
its Orinoco Belt region, according to a decree published on Thursday. Stichting
Administratiekantoor Inversiones Petroleras Iberoamericanas will have a 40
percent participation in the project, the official government gazette said,
without giving any financial details of the deal. Majority partner and state
oil company PDVSA believes the block has the potential to produce 200,000
barrels per day. More…
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