Japan, Venezuela sign broad oil, gas cooperation

TOKYO (Reuters) – Japan and Venezuela agreed on Monday on a broad cooperation to develop oil and gas projects in the Latin American nation, deepening bilateral relations to help diversify sources of energy for the resource-poor Asian country.

State-affiliate Japan Oil, Gas and Metals National Corp (JOGMEC), Inpex Corp and Mitsubishi Corp will pursue a joint feasibility study with Venezuela on the Orinoco oil belt in the next two years, Energy Minister Rafael Ramirez said at a signing ceremony in Tokyo.

The oil belt may potentially have reserves of up to 6 billion barrels, and the ability to produce about 200,000 barrels per day, said Ramirez, who is also the head of the state oil company PDVSA

Venezuela also agreed with four Japanese trading houses, Mitsubishi, Itochu Corp, Mitsui & Co and Marubeni Corp, to begin participating in the development of a gas field for liquefied natural gas, Ramirez said.

Reuters