MOSCOW, Feb. 2 (UPI) -- Moscow aims to produce 450,000 barrels of crude from the Junin-6 block of the Orinoco belt with its partners in Venezuela, the Russian deputy premier said.
Oil investors are flocking to take a stake in the Orinoco belt, the world's largest deposit of heavy oil.
Russian Deputy Prime Minister Igor Sechin said Moscow aims to invest $20 billion in the Junin-6 block of the Orinoco belt, Russia's state-run news agency RIA Novosti reports.
Oil deposits in Venezuela are the largest outside the Middle East. Most of the Orinoco oil belt remains undeveloped and the region produces 600,000 barrels of oil per day currently.
Moscow and Petroleos de Venezuela, or PDVSA, signed an agreement to create a joint venture to develop the field, the deputy premier said.
A Russian consortium of major energy companies holds a 40 percent stake in the project with Venezuela.
Italian energy giant Eni announced it formed a joint venture with PDVSA last week to develop the Junin-5 block.
Moscow said it expects to produce at least 450,000 barrels of crude per day from Junin-6.
