Petroleos de Venezuela (PdVSA) has revealed that a proposed pipeline between Venezuela and Colombia to handle 600,000 barrels of oil a day would require an investment of about $8bn.
The 1,864-mile long oil pipeline will transport oil from the Orinoco belt in Venezuela to the port of Tumaco on Colombia’s Pacific coast to allow for faster crude trade to Asian markets.
PdVSA said in a statement that both parties, including Colombia’s state-owned Ecopetrol, are open to financing from third parties.
The company has also agreed on a timetable for the project and is looking to complete a conceptual engineering plan of the pipeline project by December this year.
Ecopetrol unveiled plans on Wednesday to work with PdVSA to form a joint venture to regain mature oil fields in the #9 and #13 blocks in western Venezuela’s Lake Maracaibo.
The plan is to increase production from 40,000 barrels per day (bpd) of crude oil to about 100,000 bpd.
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