Ginda Energy Group and PDVSA Launch Project Cooperation (Part I)

Venezuela is one of the world’s leading energy powers, with proven crude reserves of 300 billion barrels and recoverable reserves exceeding 80 billion barrels. Since 2018, Ginda Energy Group’s international division has been pursuing cooperation with Venezuela in the energy sector, overcoming many challenges along the way.

On March 1, 2024, at the invitation of Venezuelan partners, a project team led by Vice President Yao Guangwen traveled to Caracas. On March 5, the delegation met with Minister of Energy and President of PDVSA, Pedro Tellechea, and his team at PDVSA headquarters. The parties held a project cooperation meeting and signed a cooperation framework agreement.

With Minister Pedro

Minister Pedro warmly welcomed the delegation, outlining Venezuela’s current oil and gas development and 20-year roadmap. Ginda Energy Group presented its four major business divisions, focusing on oil and gas equipment manufacturing, oilfield services, mining development, and special vehicles. Multimedia materials were also shown. Both sides engaged in in-depth Q&A on Ginda’s technology, history, and oilfield operations.

Management team of the Energy Sector

Impressed by Ginda’s persistence and expertise, Minister Pedro directed PDVSA’s Development Department to facilitate cooperation by recommending oil blocks for selection. On March 8, after three follow-up meetings, Ginda Energy Group and PDVSA officially signed a framework agreement for two oil and gas blocks with geological reserves exceeding 200 million tons.

Minister Pedro expressed hope for rapid project execution, discussing settlement mechanisms, production-sharing models, and cooperation under sanctions. Vice President Yao pledged to deliver Ginda’s best equipment, technology, and services, ensuring long-term commitment to Venezuela’s oil and gas industry.