14 March 2012
Belarusian-Venezuelan oil venture productive in 2011
GOMEL, 14 March (BelTA) – In 2011 the Belarusian-Venezuelan joint venture Petrolera Bielovenezolana extracted 1.08 million tonnes of oil and nearly 800 million cubic meters of natural gas, representatives of the manufacturing corporation Belorusneft told BelTA. These are the best figures demonstrated by the company since its foundation. The joint venture exploited two fields in 2008-2009. In 2010-2011 the joint venture was transferred five more oil assets. At the end of 2011 Petrolera Bielovenezolana had 368 wells and six gas fields. Specialists believe the existing resources can increase oil extraction up to 1.3 million tonnes in 2012 and increase gas extraction up to 1 billion cubic meters. Petrolera Bielovenezolana is the key overseas project of Belorusneft. The extractable oil reserves of the joint venture are two times as much as that of Belarus while extractable gas reserves are eight times as much. At present Belarusian specialists are busy with major overhaul of oil wells, other maintenance operations to build up the output. The company has set up a division for new technologies and innovations. It is busy assimilating the technologies developed by the research institute BelNIPIneft. The Belarusian-Venezuelan company Sismica Bielovenezolana performs seismic exploration operations. Constituent documents to establish the joint venture Servicios Petroleros Bielovenezolana were signed in 2011. The new enterprise will service the Belarusian-Venezuelan joint venture and Venezuelan companies. The joint venture Petrolera Bielovenezolana was founded in December 2007. Owned by Belorusneft, the Belarusian share in the joint venture is 40%.БЕЛТА