Venezuelanalysis

📰 NEWS | Chinese Company Installs Its First Floating Oil Platform in Venezuela’s Maracaibo Lake China Concord Resources Corp. (CCRC) has installed a self-elevating offshore platform in Maracaibo Lake, Venezuela, aiming to boost crude output from about 12,000 to 60,000 bpd by 2026 under a 20-year production-sharing contract with PDVSA in two oilfields. The US$1 billion project is expected to expand infrastructure and drilling to develop around 500 wells. In recent years, Venezuela has shifted toward Chinese investment amid US sanctions and a broader strategic partnership that positions China as a major oil buyer and partner. Read the article here: https://shorturl.at/4Enkj #Venezuela#China#oilproduction#Chineseinvestment#partnership