BELARUS NEWS AND ANALYSIS

DATE:

03/02/2009

Belo-Venezuelan oil company cuts drilling in Orinoco basin

To date, the joint venture had been drilling 13,700 bpd of oil

The Belo-Venezuelan Mixed Oil Company (PBV) is to curtail oil drilling by 2,520 bpd in keeping with the decision of the Organization of Petroleum Exporting Countries (OPEC) to cut the world output, reported on Monday Americo Nunez, the Venezuelan Ambassador to Minsk.

Nunez explained during a press conference that the Venezuelan party decided to restrict the budget and postpone several oil drilling projects in the Orinoco basin, reported Russian state news agency Itar-Tass, Efe quoted.

Thus far, the company used to produce 13,700 bpd.

Last July, Venezuelan President Hugo Chavez assigned the oil company the development of three additional deposits at the Orinoco Oil Belt, the largest oil reserve in the world.

The memorandum of understanding was entered into by state-run oil holding Petroleos de Venezuela (Pdvsa) and Belorusneft during Chavez's official visit to Belarus.

Source:

http://english.eluniversal.com/2009/02/02/en_eco_art_belo-venezuelan-oil_02A2213007.shtml

Google
 


Partners:
Face.by Social Network
Face.by