Joint venture Belarusian-Venezuelan Petrolera BeloVenezolana company is stating that it will increase oil production in 2012.
Petrolera BeloVenezolana was established in 2007.
Belarusian state oil company Belarusnafta, which holds a 40 percent share in Petrolera BeloVenezolana, stated that the company is hoping to increase its annual production to 1.5 million tons of oil in 2012, Minsk's Belaruskaia Infarmatsyinaia Kampaniia Belapan news agency reported.
Petrolera BeloVenezolana intends to increase its current output of 1 million tons due to its receiving two more oil deposit concessions in the area of Venezuela's Lake Maracaibo, which will bring the total number of oil deposits under the control of Petrolera BeloVenezolana to nine.
The new concession agreement was reportedly signed earlier this month after a Belarusian delegation headed by presidential aide Viktar Sheyman visited Venezuela to take part in a meeting of the Belarusian-Venezuelan High-Level Commission in the capital Caracas.
Following the signing of the agreement Venezuelan President Hugo Chavez said, "We have come a long way with Belarus in just two years. We are developing various fields and the joint venture Petrolera BieloVenezolana is now producing about 20,000 barrels of oil per day. With our agreement we will expand operations to other fields in the east and west and increase production to 30,000 barrels per day."
By. Charles Kennedy, Deputy Editor OilPrice.com
Charles is a writer for Oilprice.com More