OREANDA-NEWS. January 31, 2011.The Belarusian-Venezuelan Petrolera BeloVenesolana joint venture is going to produce from 1.2 to 1.3 million tonnes of oil, First Deputy Prime Minister of Belarus Vladimir Semashko said as he took part in the meeting of the Gomel Oblast Executive Committee on 28 January.

In 2010 the joint venture produced 730,000 tonnes of oil and 300 million cubic meters of gas. In 2011 gas recovery is projected to make up 700-850 million cubic meters.

Vladimir Semashko analyzed the operation of the Belorusneft Company, which is a Petrolera BeloVenesolana co-founder. He said that in 2010 Belarus’ dividends went up 50% over 2009. They will increase further, as there are plans to produce up to five million tonnes of hydrocarbons.

As it was reported at present the Belarusian-Venezuelan venture is producing oil in seven fields, and developing six natural gas fields, which were assigned to the joint venture last year.

Belarusian specialists are also engaged in overhaul of oil wells and perform other services regarding the development of oil fields and enhancement of oil recovery. The joint venture has set up a department of new technologies and innovations, which deals with the introduction of technologies developed in BelNIPIneft, Belorusneft's Research and Design Institute. The Belarusian-Venezuelan venture Sismika BeloVenesolana conducts seismic operations in the Orinoco River basin.

Petrolera BeloVenesolana was established in December 2007. Belarus owns a 40% stake in the joint venture.