Angolan, Cuban firms join Venezuelan oil venture


Angolan state-owned oil company Sonangol says it has had signed a memorandum of understanding with Venezuela’s national oil firm PDVSA [PDVSA.UL] and its Cuban counterpart Cupet to develop two oil fields in Venezuela.

Sonangol said in a statement the three companies would form a new company to exploit Venezuela’s Migas and Melones Oeste fields in the state of Anzoatequi.

The new company’s initial production is expected to reach 20,000 barrels of oil per day and have total production of 94 million barrels in five years, Sonangol said.

Venezuela’s PDVSA will have a 60 percent stake in the new company while Sonangol and Cupet will own 20 percent each.