A decree published in Venezuela's official gazette by the Ministry of Petroleum on 16 November 2017, awarded the Petrosur JV the rights to the Junin-10 Block in the Orinoco heavy oil belt. The Supreme Court in mid-July 2017, announced the creation of the Petrosur JV with Dutch company Stichting Administratiekantoor Inversiones Petroleras Iberoamericanas (SAIPI) participating with 40% WI and PDVSA affiliate Corporacion Venezolana del Petroleo SA with 60% WI. Stichtings are Dutch entities that allow ownership and control to be legally separate, so that the identities of the owners or beneficiaries can remain private to the public. The Venezuelan Supreme Court's ruling approving the creation of Petrosur was issued by the court's constitutional division and ignored the 1999 constitution that explicitly states that only the National Assembly can approve joint ventures. The Supreme Court has ruled that it can choose oil sector JV partners and bypass the elected national assembly after it fell into opposition hands following the 2015 elections. State oil company PDVSA believes the block has the potential to produce 200,000 bo/d. CNPC agreed to invest in Junin-10 in September 2013 as part of a Chinese state-visit but no news has since surfaced regarding this pledged investment. Prior to that in 2010, PDVSA rejected offers by Statoil and Total to partner in the block.
Venezuela, Junin 10