Saralnama
China Concord Resources Corp, a private Chinese company, has signed a rare 20-year production sharing contract to operate two Venezuelan oilfields, Lago Cinco and Lagunillas Lago, with plans to invest over $1 billion and increase output from 12,000 to 60,000 barrels per day by 2026. This deal marks a significant private investment amid ongoing US sanctions on Venezuela and reflects China's continued economic engagement with the country. The contract allows China Concord to manage oil production and sales, a departure from Venezuela's traditional state-controlled model. The project involves reopening 100 wells and deploying 60 Chinese oilfield experts. Venezuela's state oil company PDVSA has struggled to attract partners due to sanctions, creating opportunities for firms like China Concord. The oil produced will include light crude for PDVSA and heavier crude for China, signaling a strategic shift in Venezuela's oil industry under international pressure. (Updated 22 Aug 2025, 15:44 IST; source: link)