Belarusian-Venezuelan joint venture VenBelNeft may increase oil production at fields in Venezuela to as much as 7 million tonnes in 2012 from 2 million tonnes in 2008, First Deputy Prime Minister Vladimir Semashko said at a Cabinet meeting in Mogilev on Tuesday.
"Oil production is targeted at 2 million tonnes in 2008. Taking into account the promising exploration work, there is a chance to raise it to 7 million tonnes a year in 2012," Semashko said.
"It's one thing to extract the oil, it's another to deliver it, if that is needed," he said. "That would require defining transport routes, resolving issues concerning ports in the Baltic, pipelines," he said.
It was reported earlier that VenBelNeft might produce roughly 7.3 million tonnes of oil in Venezuela in the 2008-2012 period, according to the production forecast contained in the operations program prepared by the Belarusian partner in the venture, Belorusneft.
Belorusneft has a 40% interest in the venture, which was formed in December 2007 with Venezuela's Petroleos de Venezuela SA (PdVSA).