PetroVietnam Exploration Production Corporation (PVEP) has exploited the first oil batch from its outbound investment project in Venezuela, the company announced Friday. The oil was extracted on September 26 at the Junin 2 - Venezuela block, under the management of a joint-venture between PVEP and the Venezuelan Petroleum Corporation (CVP), said PVEP, a subsidiary of the state-run oil and gas giant PetroVietnam. Junin 2 – Venezuela is the largest outbound investment of PVEP, costing an enormous US$12 billion. It was started in 2006, under a cooperation program in accordance with the Energy Cooperation Agreement between Vietnam and the South American country. PVEP said the joint-venture is licensed to operate in 25 years, adding the project has the largest oil potential out of the overseas oil extraction projects of PetroVietnam and PVEP. “The license can be extended for 15 years after expiration, which helps ensure energy security for Vietnam,” it said.