Belarusian-Venezuelan company to start working oil deposits

Minsk, Oct. 19 (Interfax) - In 2011 the Belarusian-Venezuelan oil-production joint venture Petrolera BeloVenesolana will be developing two new deposits slated to be added to its asset list, the JV's co-founder, Belorusneft, told Interfax.

"The development of the two deposits that will soon, in writing, be added to the JV's assets, will start in 2011," the association's representative said.

During Venezuelan President Hugo Chavez's visit to Belarus last week, a memorandum was signed that concerned adding two oil deposits located in western Venezuela to the joint venture's assets, he said.

Chavez will be issuing a pertinent decree during the implementation of this memorandum. "With this document issued, the number of the JV's oil assets will rise to seven. Of these, four deposits are located in the east. Including the new deposits, the level of oil extraction will exceed one million tonnes per year," The Belorusneft representative said.

The two deposits to be added to the JV's assets need neither geological prospecting nor assessment, as they are fully ready for opening. The oil to be produced at them will be sold directing in Venezuela, and sales profits will be distributed proportionally among the parties involved in the company (Belarus owns 40% of the JV's charter capital).

The Belorusneft source also said that Petrolera BeloVenesolana is also working six natural gas deposits that were joined to the joint venture this year.

Belorusneft and the Venezuelan company PdVSA (Petroleos de Venezuela) have been working together since 2007 in oil production, seismographic work, and capital repair and maintenance on wells.

Belorusneft was set up in 1966 and its main lines of operation are searching for, prospecting, and developing oil deposits, extracting oil and associated oil gas.


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