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Oil: Venezuela and Peru will initiate cooperation

Peruvian oil company PetroPeru take part in the development of oil fields near the Orinoco River (also called “Orinoco Belt”) in Venezuela, reported the channel Venezolana de Television on Sunday.

According to the source, the relevant agreements were signed during a meeting between leaders of the two States, Hugo Chavez and Ollanta Humala on January 7, 2012 .

“I would like to announce that from today we have a new partner in the development of the Orinoco Belt, PetroPeru,” said the Venezuelan leader.

According to Chavez, investment in oil projects in the Orinoco belt in 2012 will reach five billion dollars, oil production from 838,000 barrels per day currently to 1.5 million barrels.

The Orinoco Belt is one of the richest oil deposits in the world, its surface area amounting to 55,000 km2 and its oil reserves are estimated at 84.6 billion barrels.

According to data available at December 31, 2010, the country’s oil reserves (including heavy oil) amounted to 296.5 billion barrels, making Venezuela the leading countries in terms of oil reserves.

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