China National Petroleum Corp will continue investing in upstream projects in Venezuela, where it plans to pump 800,000 barrels a day of oil by 2017, Shanghai Daily reported, citing Wang Dongjin, the company's vice president.
CNPC now produces 200,000 barrels a day in the South American OPEC member state, he said in Vienna. Relations between CNPC and Venezuela's government are "much better than before," the newspaper reported him as saying.