Venezuela, Iran to Team Up on $4 Billion Oil Project

Venezuela and Iran, oil-exporting countries that have sought to assert independence from the U.S., plan to spend a combined $4 billion on a joint project in Venezuela’s heavy-crude-producing Faja del Orinoco.

The $4 billion investment is in the Ayacucho 7 block, which has about 31 billion barrels of oil. The project would rival the scale of Sincor, a $4.2 billion joint venture run by Petroleos de Venezuela SA, the country’s state oil company, which produces light, low-sulfur crude from the region’s tarry deposits.

Bloomberg