Venezuela, Cuba sign oil exploration treaty

By IANS/EFE,

Caracas : Venezuela and Cuba have signed a treaty for exploration of crude oil and natural gas in two Venezuelan states, the state-owned oil authority has said.

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The joint venture, named Petrolera VENCUPET SA, will be 60 percent owned by venezuela’s Petroleos de Venezuela SA (PDVSA) and 40 percent will be owned by Cuba’s Comercial Cupet, PDVSA said Thursday.

The company will have exploration and production rights for 25 years in Anzoategui and Monagas states, PDVSA said.