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The Cuban company Comercial Cupet will pay $17.35 million to participate in the development of four oil fields in eastern Venezuela over the next 25 years, Petróleos de Venezuela (PDVSA) announced Wednesday.

The two countries have formed a joint venture to be known as Petrolera VenCupet. Through a branch, the Corporación Nacional de Petróleo (CNP), PDVSA will hold a 60-percent share in the enterprise, Cupet the remaining 40 percent.

The fields in question are in the states of Anzoátegui and Monagas.

Source: The Miami Herald

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