China’s CCRC Invests Over $1 Billion in Venezuelan Oilfields

Private Chinese company China Concord Resources Corp has started developing the Lago Cinco and Lagunillas Lago oilfields in Venezuela’s Lake Maracaibo region under a 20-year production-sharing agreement signed in May 2024, according to an executive involved in the project. CCRC plans to invest more than $1 billion to reopen wells and drill new ones, aiming to raise output from roughly 12,000 barrels a day today to 60,000 barrels a day by the end of 2026. About 60 Chinese technical staff and a drill rig are already on site, the executive said. The venture is one of the few foreign expansions in Venezuela since U.S. sanctions were imposed in 2019, which deterred major oil companies and left state producer PDVSA seeking smaller partners. China already buys more than 90 % of Venezuela’s crude exports, and the CCRC project underscores Beijing’s continued role in supporting President Nicolás Maduro’s energy sector while larger international firms stay on the sidelines.