OilVoice - JOGMEC and PDVSA Sign MOU and Joint Study Agreement

JOGMEC and PDVSA Sign MOU and Joint Study Agreement

Sunday, April 12, 2009

Memorandum of Understanding between JOGMEC and PDVSA
JOGMEC and PDVSA have signed a Memorandum of Understanding (MOU) on the framework of cooperation, with the purpose of strengthening the relationship between the two governmental organizations.

This MOU was signed in accordance with the Memorandum on Energy Cooperation signed on March 19, 2009 between Ministry of Economy, Trade and Industry of Japan and Ministry of Energy and Petroleum of Bolivarian Republic of Venezuela.

The framework of cooperation agreed in this MOU between JOGMEC and PDVSA includes the evaluation of potential joint projects in the areas such as Orinoco Oil Belt, mature fields and offshore areas of the Bolivarian Republic of Venezuela, training of human resources and collaborative Research and Development on oil and gas upstream technologies.

It is expected that the agreement will promote the E&P activities of Japanese companies in the Bolivarian Republic of Venezuela, and contribute to strengthen the relationship between the Japanese oil industry and Venezuela.

Joint Study Agreement on the Block Junin 11 of the Orinoco Oil Belt, Venezuela
On April 6, Japan Oil, Gas and Metals National Corporation (JOGMEC), INPEX CORPORATION, Mitsubishi Corporation and Petroleos de Venezuela S.A. (PDVSA) signed the Joint Study Agreement on the Block Junin 11 of the Orinoco heavy oil in the Bolivarian Republic of Venezuela. This Agreement was signed in accordance with the Memorandum on Energy Cooperation signed on March 19, 2009 between the Ministry of Economy, Trade and Industry of Japan and the Ministry of Energy and Petroleum of the Bolivarian Republic of Venezuela, and the Memorandum of Understanding signed on April 6, 2009 between JOGMEC and PDVSA.

The details of the joint study will be determined through the discussions among the parties to the Agreement.