Russia has interest in Venezuelan oil

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.