The Russian-British venture TNK-BP signed with Petroleos de Venezuela to conduct research testing at the Ayacucho-3 block in the Orinoco oil belt in the south of the country.

LUKoil, Russia's largest oil company, signed similar agreements regarding the Junin-3 block in the Orinoco belt, Russia Today said Wednesday.

Gazprom also signed joint exploration deals to develop several offshore gas fields and build a liquefied natural gas plant there as well.

Gazprom and Petroleos de Venezuela said initial evaluations of the potential reserves would be completed by the end of the year.