OREANDA-NEWS. March 16, 2010. The Belorusneft production association is set to start producing gas in Venezuela in 2010.

The project is carried out in pursuance of the agreements reached at the state level. They envisage further expansion of cooperation between Belorusneft and Venezuela’s PDVSA state-owned oil company. A range of active deposits has been identified for joint geophysical and industrial research. This year these deposits will be transferred into the ownership of the Petrolera BeloVenezolana joint venture.

The Belarusian-Venezuelan joint venture Petrolera BeloVenezolana was established in December 2007. Since then the company has extracted around 1.5 million tonnes of oil and over 450 million cubic meters of associated gas. Petrolera BeloVenezolana owns five oil deposits; three of them were given to it in summer 2009. The performance stock includes 175 wells including 4 blowers.

The near-term goals of the joint venture is to increase the oil output by exploring new deposits and implement a large-scale program of geological, technological and organizations events with the use of Belarusian technologies. Oil production is projected to increase to 1 million tonnes per year.

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. The company has a wide network of filling stations which account for 73% of petrol sales in the country.