Worldwide Energy News - Article

PDVSA to sign agreement with Belarusneft - Venezuela

PDVSA is planning to sign an agreement with Belarus' Belarusneft forming a joint venture of oil services as part of the bilateral agreements entered into by the two countries.  The new partnership, Sismica Bielovenezolana S.A., will carry out work that used to be completed by multinationals.  The arrangement will enable Venezuela to have better security over supply of basic services for prospecting and drilling.   Initial operations, including seismic, will begin in December in Valle de la Pascua, western Guarico state, in order to support the works carried out by the Venezuelan Petroleum Corporation (CVP) on quantification and certification of Boyaca Block reserves in the Orinoco oil belt.  In parallel, the Venezuelan National Assembly approved the creation of a mixed company between CVP (60%) and Belarusneft (40%) to explore, exploit, gather, transport and store oil for 25 years in the mature oil fields of Guara Este in the Eastern Venezuelan Basin. 

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