CNPC Makes Second Bonus Payment Toward Developing Oil Block
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China National Petroleum Corp., the country’s largest energy company, made a second payment toward a $900 million signing bonus it must make to develop the Junin 4 oil block in Venezuela, Petroleos de Venezuela SA said today.
It paid $180 million, PDVSA said. The bonus will be paid in several installments and is in addition to capital needed to produce and refine crude at the Orinoco Belt field.