Private Chinese Firm Invests $1 Billion to Pump 60,000 Bpd Crude in Venezuela

Private Chinese firm China Concord Resources Corp (CCRC) is developing two oilfields in Venezuela, from which it expects to produce 60,000 barrels per day (bpd) of crude by the end of next year, thanks to a planned investment of $1 billion, an executive involved in the project told Reuters on Friday. Private Chinese operators are a rare sight in Venezuela, where Chinese state-held majors have developed oilfields in the past. Yet, CCRC has signed a 20-year production sharing contract with Venezuela and is already producing 12,000 bpd from two oilfields The Chinese company’s plan entails pumping as much as 60,000...