BELARUS NEWS AND ANALYSIS

DATE:

11/07/2007

Venezuela to increase Oil Productivity helped by Belarus

Caracas, Jul 11 (Prensa Latina) State-run Petroleos de Venezuela (PDVSA) announced today it will achieve higher production and reserve volumes with joint drilling in several fields together with Belarus company Belarusneft.

PDVSA leadership confirmed in a press release it is currently evaluating the possibility of operating five or six mature fields with modern technologies which will allow to improve productivity in existing deposits.

The company reported that profits and revenues obtained will go to fund social projects included in the Plan Siembra Petrolera

The beginning of joint operations by PDVSA and Belarusneft are part of a bilateral agenda discussed recently by president Hugo Chavez with his Belarus peer, Alexander Lukashenko, during the former?s visit to the European nation.

Delegations of both nations, meeting in this capital, are putting the finishing touches to several cooperation projects in strategic fields of common interest.

The main topics in the energy, petrochemical and oil sector are the quantification and certification of reserves in block Junin 1 of the Orinoco Oil Belt, exploration and production of mature fields as well as sysmic projects.

Source:

http://www.plenglish.com/article.asp?ID=%7B64E0732D-CB9D-4835-B22A-13143FF4A1F7%7D&language=EN