April 21st, 2012
Via Reuters, an article on a Vietnam-Venezuela oil and gas joint venture that has begun production at a new field in the Orinoco region with an initial output of 50,000 barrels per day (bpd). As the report notes:
“…The venture, PetroMacareo, would raise extra heavy crude oil output from the field in Junin 2 block to 200,000 bpd by 2015, the government said in a statement.
PetroMacareo was formed by Venezuelan state oil firm PDVSA, which has a 60 percent stake, and state oil and gas group Petrovietnam holding the remainder.
The venture is operating in an area believed to have reserves of 36.6 billion barrels, and it is expected to pump a total of 1.47 billion barrels during its 25-year operation, the statement said.
Vietnam is preparing to upgrade its sole oil refinery, the $2.2-billion Dung Quat plant, to expand its capacity by nearly a third and to be able to refine crude oil from the Middle East and Venezuela. “
Focusing primarily on The New Seven Sisters - the largely state owned petroleum companies from the emerging world that have become key players in the oil & gas industry as identified by Carola Hoyos, Chief Energy Correspondent for The Financial Times - but spanning other nascent opportunities around the globe that may hold potential in the years ahead, Wildcats & Black Sheep is a place for the adventurous to contemplate & evaluate the emerging markets of tomorrow.