Mobile UPI  |   About UPI  |   UPI en Español  |   UPI Arabic  |   UPIU  |   My Account
Search:
Go

Russia has interest in Venezuelan oil

|
|
 
  
Published: Sept. 23, 2009 at 5:12 PM
Advertisement

MOSCOW, Sept. 23 (UPI) -- Russian energy companies are still pursuing their expansion into Latin America.

Neft' Rossii reported Wednesday that National Oil Consortium, a consortium of Russian oil companies, and Venezuela's Petroleos De Venezuela SA may next week initial an agreement to establish a joint venture to develop the Orinoco River Basin's Junin-6 block.

The Junin-6 block is part of the oil-rich Orinoco River belt, which Venezuelan geologists estimate contain up to 235 billion barrels of heavy and extra-heavy recoverable crude oil. Total Venezuelan reserves are estimated by Caracas to contain 172 billion barrels.

Venezuela's Minister of Petroleum and Energy Rafael Ramirez is scheduled to meet Sept. 29 with oil company representatives participating in the tender to develop the Orinoco River belt "Carabobo" oil field blocks.

Other foreign companies participating in the bidding include Britain's BP, Chevron and the Chinese state company China National Petroleum Corporation.

Ramirez told reporters that Venezuela plans to complete the auction of the Orinoco River Basin blocks before the end of the year.

Topics: Rafael Ramirez
Recommended Stories
© 2009 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.

Order reprints
  
Join the conversation
Most Popular Collections
The making of the Oscars The Chicago Auto Show The Tibetan Moniam Festival in China
Additional Energy Resources Stories
1 of 21
President Obama Signs Smuggling Prevention Act at White House
View Caption
fark
French roadbuilders find 21 German WWI soldiers...and 1 goat
Photoshop this crazy old coot in the cold
Anonymous ends the week by bringing down the CIA webpage. *golf clap*
You can lead a horse to a hyperbaric chamber, but you can't make him not blow up
Man breaks into home, then vacuums and folds laundry (possibly with a menacing scowl on his face)...
It's starting to look as if the roles are now reversed - that Obama is Lucy with the football, and...