PetroMacareo, a joint venture set up under the cooperation relationship of two governments, Venezuela and Vietnam has recently officially started exploiting the first oil field in Junin 2 Block, Venezuela.
PetroMacareo Joint Venture was established by two largest oil and gas groups of the two countries, PDVSA and PetroVietnam. The cooperation contract has taken effect for 25 years starting from the signing date and to be extended for another 15 years.
The Junin 2 Block was one part of the Orinoco Oil Belt, which covers an area of 247.8 square kilometres, has proven oil reserves of 36.6 billion barrels of heavy crude oil. The company expected to have initial production capacity of 50,000 barrels per day at first and 200,000 barrels per day in 2015. The total investment capital for 2009-2014 period was estimated at $1.825 billion.