January 11, 2011
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Venezuela approves Orinoco Oil Venture With Cuba

The Venezuelan parliament approved a tri-lateral joint venture between the state oil companies of Venezuela, Cuba and Angola that will produce oil in the Orinoco Basin.

The 25-year partnership of PdVSA, CubaPetróleo and Sonangol is expected to produce oil and associated gas to the tune of 20,000 barrels per day, at a low quality ranging from 11 to 16 degrees API in the central state of Anzoátegui.

PdVSA owns a 60-percent share of the joint venture, with the two junior partners owning 20 percent each. This would translate to 4,000 barrels per day pertaining to Cuba.

Cuba consumes some 150,000 barrels per day.

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