PDVSA Invites State Energy Companies To Orinoco Belt

Venezuela’s state-run oil company PDVSA, has signed an agreement with state-owned energy companies, Enersa of Argentina and Uruguay’s Ancap, to develop heavy crude in one of the fields in the Orinoco belt area of the country. The agreement to explore the Ayacucho Field, sealed last week at the Mercosur Summit in Argentina, leaves Venezuela with 51% control of the field. The development foresees investment of around $4 billion, of which Venezuela will contribute $2 billion, leaving Argentina and Uruguay to find the balance.