Potential in Venezuelan oil amounts to $100 billion. Junín block 2 within the Orinoco Belt is located in Las Mercedes municipality, Guárico state near Zuata. It is adjacent to the easternmost Boyacá field. Junín 2 contains extra heavy crude API 8 to 10, requiring advanced upgrading. Petrovietnam began operations in 2008 under Petrojunín, focusing...
On June 5th, 2025, Petróleos de Venezuela PDVSA signed at least nine new agreements with foreign service providers: marking a strategic response to United States sanctions. The strategy to partner with smaller, often non-western firms reflects efforts to offset this loss, bypassing traditional legislative approval. Agreements cover operations in...
China, Venezuela's largest oil buyer, imported 428,000 barrels per day in April 2025, seeking to expand its influence post Chevron. As reported by Venezuela analysis on May 15th, 2025, China has historically supported Venezuela through loans and investments, securing oil supplies at discounted rates, and strengthening bilateral ties. Vice President...
