DATE:
23/12/2009
The governments of Venezuela and Belarus have plans to invest USD 8 billion over the next 25 years for the development of Junin 1 oil block at the Orinoco oil belt.
The announcement was made by Minister of Energy and Petroleum Rafael Ramirez, who said that an extra-heavy oil upgrader would be built to process the oil produced at the Orinoco belt, the state-run news agency ABN reported.
Ramirez stated that the well has about 2 billion barrels in proven reserves (P1). Therefore, there is much interest in developing it.
The minister added that the Ministry's goal is to produce 200,000 bpd of extra-heavy oil thanks to the joint venture to be established by the two countries in the oil block.
Source:
http://english.eluniversal.com/2009/12/23/en_eco_esp_venezuela,-belarus-p_23A3225655.shtml
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