During a visit to China in mid-September 2018 Venezuelaâs President Nicolas Maduro signed with China a total of twenty-eight agreements, including a memorandum for the sale of 9.9% of the Sinovensa Joint Venture - Sinovensa Block. More details have not been released.    The Venezuelan National Assembly approved on 18 January 2008,      the constitution of the mixed company Sinovensa in the Sinovensa      Orimulsion plant area including an extension of MPE 3 Block in the Orinoco Oil Belt, comprised of CVP with 60% working interest and      partner CNPC the remaining      40%.    PDVSA announced on 25 September 2017 that will work with CNPC to reactivate 300 wells in the Faja Petrolifera del Orinoco and rehabilitate 500 wells in the Distrito San Tome. It is expected that the project will add 200,000 bo/d to Venezuelaâs production. PDVSA announced in late August 2017 Chinaâs interest in participating in the reactivation of 800 wells in the Faja Petrolifera del Orinoco and increase the production by 42 Mbo/d. More details as to when the program will start have not been released.  Back in June 2017 the governments of Venezuela and China signed an agreement to increase production and improve infrastructure in Venezuela- with USD 4.25 billion investment. A total of USD 2.8 billion would go to JVâs Petrozumano and Sinovensa, to increase production by 325 Mbo/d, and the remaining USD 1.45 billion would go to Araya Deep Water Port in the Sucre State.     Venezuelaâs President Nicolas Maduro met with China National Petroleum Corporation (CNPC) Chairman Wang Yilin in Caracas on 17 November 2016. Witnessed by President Maduro, Chairman Yilin and PDVSAâs President and Oil Minister Eulogio Del Pino Venezuela signed a Memorandum of Understanding (MOU) deepening oil and gas cooperation between CNCP and PDVSA.Â  Under the MOU, the companies plan to increase production in the mixed companies:Â  Petrozumano, S.A. to 15 Mbd with an investment of USD 225 million, PetroUrica JV to 30 Mbd, utilizing recovery technology with an estimated investment of USD 500 million, develop a pilot project in the Sinovensa mixed company to increase production from 160 Mbd to 230 Mbd of extra-heavy crude by expanding storage, transport and processing capacity in the Complejo Jose Antonio Anzoategui. The companies also plans to rehabilitate 500 light crude wells and will develop the joint venture (JV) for the Jie Yang Refinery, located in China, in which PDVSA has 40% interest and CNPC holds 60%.
Venezuela Government of Venezuela Signed a memorandum with China for the sale of 9.9% Sinovensa JV - East Venezuela Basin