Belarus Joins Venezuelan Orinoco Oil Deposits' Development

Dec 24, 09 (Hamsayeh.Net) - State-run oil companies from Venezuela and Belarus signed an $8 billion joint agreement for development and production at one of Venezuela's largest untapped deposits Junin-1 in the Orinoco oil belt basin.

Rafael Ramirez Venezuelan Oil and Energy Minister said the proposed contract would focus on development and production at Junin-1 deposit, which contains an estimated 2 billion barrels of oil with production level at up to 200,000 barrels per day.

The state-run company, Belarusneft, has become an active partner in joint energy contracts with oil producing countries including Iran and Venezuela. The company last month signed a contract with Iranian oil companies. Its current participation in Venezuela's vast oil potentials began shortly after the company opened its representative office in Venezuela in 2007. Belarus is diversifying its sources of energy imports to reduce reliance on sole Russian sources.

Venezuela is one the world's largest holders of oil deposits at nearly 90 billion barrels of proven oil reserves and an even more quantities of heavy oil deposits called heavy crude in the Orinoco oil belt region.


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