Venezuela and China signed a "preliminary agreement" for a joint company to drill for light and heavy crude in eastern Venezuela, reported the government owned Petroleos de Venezuela, or PDVSA.
Beijing and Caracas also signed an agreement to quantify and certify oil reserves in an area of the Orinoco Strip, in southeast Venezuela.
Venezuela is the world's fifth exporter of crude and the United States' fourth main supplier which represents 70% of all the country’s oil exports.
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