Published 06th October, 2011
Venezuela's oil and gas fields are set to expand dramatically according to it Belarusian partner.
Belarus, along with China, has received approval from the Venezuelan authorities to further develop its interests in the country.
Currently, through the Belarusian-Venezuelan joint venture company, Petrolera BeloVenezolana, output is coming from seven oil and six gas fields in the Latin American country.
The latest approval will see the organisation, along with Chinese interests, develop a further two major oil deposits which, according a Belarus official, would increase output "many times" with estimates in hundreds of thousands of barrels per day.
Overall, production from the Petrolera operation is expected to reach 1.2m tons of oil and 1bn cubic metres of gas by 2012.