CARACAS – Venezuela and Cuba signed a contract for a joint venture that will explore for crude oil and natural gas in two states in northeastern Venezuela, state-owned oil giant Petroleos de Venezuela SA, or PDVSA, said.
The joint venture, called Petrolera VENCUPET SA, will be 60 percent owned by PDVSA and 40 percent owned by Cuba’s Comercial Cupet.
The company will have exploration and production rights for 25 years in the Adas, Lido, Limon and Oficina Central areas of Anzoategui and Monagas states, PDVSA said.
“With the formation of this joint (venture) company, energy cooperation between the Bolivarian Republic of Venezuela and the Republic of Cuba is strengthened via the development of important hydrocarbons reserves located on Venezuelan soil,” PDVSA said. EFE