Wednesday, May 26, 2010

Cuba, Venezuela and Angola Sign Oil Agreement

HAVANA, Cuba, Cuba, Venezuela and Angola in Caracas penned an agreement that lays the foundations for the creation of a joint venture to exploit oil in Venezuela, which is another step towards the South-South integration.

The official statement reports that the firm will perform primary activities in the Migas and Melones Oeste oil fields in the State of Anzoategui, near the city of El Tigre, reported Prensa Latina news agency.

The Corporación Venezolana del Petróleo (Venezuelan Petroleum Corporation), a subsidiary of PDVSA, will have 60 percent of the stake, while the remaining percentage is shared equally between Cubans and Angolans, the note explains.

Cupet (Cuba), the Angolan Somamgol and Corporación Venezolana del Petróleo have a projection to reach a cumulative production exceeding 94 million barrels in just five years.

The Venezuelan side clarifies that, in accordance with the provisions of the Constitution, this new company will develop its activities on the basis of respect for the environment and the preservation of cultural and biological diversity.

The union of these three entities is part of the strategy of diversification of partners to exploit the energy resources of Venezuela, an agreement that already includes a dozen nations, including Russia, China, India, Vietnam, Belarus, Spain and Argentina.

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