OREANDA-NEWS. October 19, 2010. Belarusian-Venezuelan joint venture Petrolera BeloVenesolana is set to start oil extraction at the two new oilfields located near the Maracaibo lake in the west of Venezuela.

As of today, Petrolera BeloVenesolana operates seven oil assets, which allows extracting more than one million tonnes of oil a year.

A reminder, the memorandum on acquisition of new deposits was signed during the recent visit of the Venezuelan President to Minsk.

Belarusian and Venezuelan experts extract oil from two deposits in the west of Venezuela and three deposits in the east of the country. Petrolera BeloVenesolana also operates six gas deposits, which were acquired in 2010.

Apart from that, the Belarusian experts also overhaul oil wells and provide other services to explore oil deposits and increase the oil output. Petrolera BeloVenesolana operates the state-of-art technologies and innovations department. It introduces technologies and innovations, worked out by the experts of BelNIPIneft (Belorusneft’s research institute). Experts of a Belarusian-Venezuelan joint company Sismica BeloVenesolana carry out seismic exploration of the Orinoco river basin.

The Petrolera BeloVenesolana joint company was set up in December 2007. Belarus owns 40% of the company’s shares.