OREANDA-NEWS. September 2, 2009. Petrolera BeloVenezolana, the Belarusian-Venezuelan joint venture, has extracted its first million tonnes of oil.

The Belarusian-Venezuelan joint venture Petrolera BeloVenezolana was established by Belorusneft and Venezuelan PDVSA oil company in December 2007. The company extracted the first tonnes of oil from Guara Este and Lago Medio deposits in 2008. Petrolera BeloVenezolana was given three new oil assets (Lagunillas, Oritupano Norte and Ostra) in summer 2009. These five assets will allow the company to produce a million tonnes of oil annually. BeloVenezolana has plans to come to this level in 2010.

Founded in 1966, the manufacturing corporation Belorusneft is part of Belneftekhim concern. The company performs oil exploration, well drilling, extraction of oil and associated gas. Over the last two years the company has set up joint ventures in Russia, Venezuela, and Iran. The joint ventures offer complex solutions for exploring oil deposits. Apart from that, Belneftekhim is in talks with the Vietnamese corporation PetroVietnam about cooperation development in the oil industry.