By Business News Americas staff reporters
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Representatives from some 150 Venezuelan and Argentine companies met in the past week in Caracas to discuss possible joint projects with Venezuelan state oil firm PDVSA in the Orinoco heavy oil belt.
The meeting aims to build up private sector support for increasing energy ties between the two countries.
"It's very important that you accompany us in this massive integration and strengthening of relations," Argentine planning minister Julio de Vido told executives at the Thursday (Sep 13) meeting, according to a PDVSA release.
The partnership between the two governments has been spurred on by Argentine oil firm YPF's nationalization in April this year, as well as Venezuela's admittance in July to the Southern Cone trading bloc Mercosur, of which Argentina is also a member.
Since then, YPF has said it would participate in the Orinoco belt, while raising the possibility of PDVSA's involvement in the yet-to-be-developed offshore industry in Argentina.
The Orinoco contains some 90% of Venezuela's 296Bb reserves, according to the PDVSA release.
A recent report by financial services firm Citigroup predicted that Venezuela's oil production will remain flat this year at 2.3-2.4Mb/d, adding that any long-term increases will depend on projects in the Orinoco belt.
The oil sector accounts for about 95% of the country's export earnings and 12% of GDP.
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