CNPC Nears Junin Deal

摘要

China National Petroleum Corp. (CNPC) is likely to ink a comprehensive agreement with Venezuela for the Junin-4 Block later this month. The Chinese state giant was awarded a 40% stake in the block in 2006 but its framework investment and technology agreement with state Petroleos de Venezuela (PDV) did not specify terms of cooperation. Last year CNPC pledged to speed up development and expand production capacity to 400,000 b/d.