No bid?

Venezuela and Russia create joint venture for the exploitation of the Orinoco Belt
Written by Editor
monday, 01 of 2010 of febrero
The agreement was made after the Venezuelan National Assembly ratifies the agreement, addition of the oil agreement, the Russian president announced the supply of power plants that operate with gas to help with the energy problem by passing through Venezuela following the severe droughts.

Moscow .- Venezuela and Russia signed on Monday an agreement of mutual cooperation for the creation of a joint venture to pursue the extraction of oil in the Junin Block 6, located in the Orinoco Oil Belt, the largest heavy oil reserves in the world.
The agreement was signed in the middle of a meeting held the Primroses Russian minister, Vladimir Putin, and Energy Minister and president of state Petroleos de Venezuela SA (PDVSA), Rafael Ramirez, who gave the final details of the terms of the transaction.

The document was signed by the Director General of Russian National Petroleum Consortium (PNC), Valery Rusakov, and the South American country director of the Corporación Venezolana de Petróleos (CVP), Pedro Leon.

"Today we conclude the work started a year ago to create the conditions for the joint exploitation of Junin 6, one of the largest oilfields in the world," Putin said during the meeting.

"It's the beginning of an important joint work and I'm sure it will pay the respective dividends to our Venezuelan colleagues and their Russian partners," said the head of the Russian Government.

She said that after the National Assembly (AN) Venezuela ratified the agreement, the Russian consortium is ready to transfer the amount agreed to Venezuela, which is 600 million, was quoted as saying RIA-Novosti.

The CNP, created in 2008 to exploit crude in Venezuela, is composed of the most prestigious oil companies in the world like: Rosneft, Lukoil, Gazpromneft, TNK-BP and Surgutneftegaz, and will control 40 percent of the shares of the company mixed.

The Russian-Venezuelan project in Junin 6 includes substantial investments that serve to sustain a production level of 400 thousand barrels per day of extra heavy crude, and its processing to generate products that will be placed on international markets.

Junin Block 6 has proven reserves in the order of 10 billion barrels of oil, which will sustain a production of 400 thousand barrels per day for 25 years to reach a recovery factor of 20 percent. (Agencies)