Belarusian-Venezuelan Oil Company to Develop Three New Oil Fields

Belarusian First Deputy Prime Minister Uladzimir Syamashka has said that the Belarusian-Venezuelan joint venture extracting oil in Venezuela will receive three additional oil fields to expand its operations, the Belarusian state radio reported on 23 July.

Belarusian state oil company Belorusneft and the joint-stock company Venezuelan Oil Corporation signed a memorandum of understanding during the visit of Venezuelan President Hugo Chavez to Belarus on 23 July. The memorandum envisages allocating new oil fields to the Belarusian-Venezuelan joint venture Petrolera BeloVenezolana.

"We planned to extract 640,000 tonnes of oil this year, the first year of the company's work, but we already extracted and sold 370,000 tonnes in the first five months. That is why we would like the joint venture to move on and expand its operations by getting three more oil fields. This year we will develop these oil fields and restore individual oil rigs. We have potential to extract 2m tonnes of oil next year. The second direction of our work is the development of deposits of heavy and high-sulfure oil in the Orinoco basin. This could be done as part of the existing joint venture or by setting up a new one. A decision on this should be taken this year," Syamashka said.

Originally published by Belarusian Radio, Minsk, in Belarusian 1600 23 Jul 08.