{"id":150170,"date":"2025-08-29T15:00:32","date_gmt":"2025-08-29T12:00:32","guid":{"rendered":"https:\/\/ldaily.ua\/?post_type=news&#038;p=150170"},"modified":"2025-08-26T13:07:14","modified_gmt":"2025-08-26T10:07:14","slug":"kytaj-investuye-1-mlrd-u-naftovydobutok-venesuely","status":"publish","type":"news","link":"https:\/\/ldaily.ua\/en\/news\/novosti\/kytaj-investuye-1-mlrd-u-naftovydobutok-venesuely\/","title":{"rendered":"China to Invest $1 Billion in Venezuelan Oil Production"},"content":{"rendered":"<p data-start=\"103\" data-end=\"314\">Chinese company China Concord Resources Corp (CCRC) has begun developing two oil fields in Venezuela. According to a company representative, the investment will exceed $1 billion, Reuters reported.<\/p>\n<p data-start=\"316\" data-end=\"404\">By the end of 2026, production is expected to reach 60,000 barrels of oil per day.<\/p>\n<p data-start=\"406\" data-end=\"641\">This marks a rare case of investment by a private Chinese company in the economy of an OPEC member state that has faced a severe capital shortage for years due to international sanctions against President Nicol\u00e1s Maduro\u2019s government.<\/p>\n<p data-start=\"643\" data-end=\"874\">CCRC signed a 20-year contract in May 2024 under Venezuela\u2019s so-called <em data-start=\"718\" data-end=\"739\">\u201canti-blockade\u201d law<\/em>, which was designed to attract foreign partners. The model allows investors to operate fields in exchange for a share of the output.<\/p>\n<p data-start=\"876\" data-end=\"1140\">Development is taking place at the Lago Cinco and Lagunillas Lago fields in the Lake Maracaibo region\u2014the country\u2019s second-largest oil-producing area. Output at these fields had nearly collapsed in recent years due to a lack of investment and technology.<\/p>\n<p data-start=\"1142\" data-end=\"1503\">So far, CCRC has restored about 100 wells, employing 60 specialists and a Chinese drilling rig. Current production has reached 12,000 barrels per day, but by 2026 the company plans to develop 500 wells. The output will consist of both light and heavy crude: the light oil will be supplied to PDVSA, while the heavy crude will be exported to China.<\/p>\n<p data-start=\"1505\" data-end=\"1735\">After U.S. sanctions in 2019, China\u2019s major energy corporations suspended operations in Venezuela. This opened the door for lesser-known firms such as CCRC, which seized the opportunity created by restrictions on global players.<\/p>\n","protected":false},"featured_media":150171,"menu_order":0,"template":"","newscat":[9],"newstag":[31531,31530,31532],"issues":[],"class_list":["post-150170","news","type-news","status-publish","has-post-thumbnail","hentry","newscat-novosti","newstag-economyglobalmarkettechnologyindustrygeopoliticsworldmarketsbusinessnewsbusiness","newstag-ekonomikaglobalnyjrynoktehnologiyiindustriyageopolitykarynkymyrudilovinovynybiznes","newstag-konomykaglobalnjrnoktehnologyyyndustryyageopolytykarnkymyradelovenovostybyznes"],"_links":{"self":[{"href":"https:\/\/ldaily.ua\/en\/wp-json\/wp\/v2\/news\/150170","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ldaily.ua\/en\/wp-json\/wp\/v2\/news"}],"about":[{"href":"https:\/\/ldaily.ua\/en\/wp-json\/wp\/v2\/types\/news"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ldaily.ua\/en\/wp-json\/wp\/v2\/media\/150171"}],"wp:attachment":[{"href":"https:\/\/ldaily.ua\/en\/wp-json\/wp\/v2\/media?parent=150170"}],"wp:term":[{"taxonomy":"newscat","embeddable":true,"href":"https:\/\/ldaily.ua\/en\/wp-json\/wp\/v2\/newscat?post=150170"},{"taxonomy":"newstag","embeddable":true,"href":"https:\/\/ldaily.ua\/en\/wp-json\/wp\/v2\/newstag?post=150170"},{"taxonomy":"issues","embeddable":true,"href":"https:\/\/ldaily.ua\/en\/wp-json\/wp\/v2\/issues?post=150170"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}