Petroleos de Venezuela, S.A., (PDVSA) and China National Petroleum Corporation, (CNPC) are making progress on contract issues for the reactivation of 300 wells in the Hugo Chávez Orinoco Oil Belt and the workover of 500 wells in San Tome district, Anzoátegui state to increase oil production by 200 thousand barrels per day (MBD) in the short term.

On Monday, the President of PDVSA, Nelson Martínez, held a working meeting at PDVSA La Campina headquarters with President of CNPC America, Ye Xiandeng, to discuss the details of this and other joint projects. The two officials defined new mechanisms to ensure the continuation of the current pace of commercial transactions, consistent with the guidelines issued by President of the Bolivarian Republic of Venezuela, Nicolás Maduro, which call for the use of a foreign currency basket.

They also strengthened the strategic relationship between their companies and ratified the willingness to assess new business opportunities.

PDVSA and CNPC have joint investments in the order of 10 billion dollars, 4 joint ventures engaged in oil productions projects in the country, and the construction of Nanhai Refinery, in China’s Guangdong province.

Venezuela and China continue strengthening their Comprehensive Strategic Alliance through the development of policies based on complementarity and a win-win principle, for the benefit of both peoples.

About PDVSA

Petróleos de Venezuela S.A., the state-owned corporation of the Bolivarian Republic of Venezuela, is responsible for the efficient, profitable, and dependable exploration, production, refining, transport and commerce of hydrocarbons. This company is deeply committed to environmental protection and its main objectives are to foster the harmonic development of the country, to guarantee sovereignty of national resources, to increase endogenous development and to serve and benefit the Venezuelan people, who correspond to their share of the country’s national wealth.

About CNPC

CNPC is China's largest oil and gas producer and supplier, as well as one of the world's major oilfield service providers and a globally reputed contractor in engineering construction. With a presence in almost 70 countries, we are seeking an even greater international role. We provide energy in a profitable manner, and always attach great importance to our social and environmental responsibilities.