CNPC, Venezuela's PDVSA to jointly develop oil field

Venezuela's state-owned oil company PDSVA said in a statement yesterday that it has inked an agreement with the China National Petroleum Corp to jointly develop the Junin 4 block in Orinoco heavy crude belt, sources reported.

The project is expected to provide crude oil resources to a JV oil refinery in South China's Guangdong by the two sides, which has an estimated refining capability of 400,000 barrels per day.

Currently, Venezuela exports 398,000 barrels of crude oil to China every day.