Venezuela, Belarus plan to invest USD 8 billion in the Orinoco oil belt

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.


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