August 1, Caracas, Venezuela, government officials said in recent days by the Venezuelan national oil company (PDVSA) and the Spanish oil giant Repsol joint research of an oil block in Venezuela have more than 6 billion barrels of recoverable oil reserves the oil block likely to begin in 2011 oil production.
Venezuelan President Hugo Chavez in Venezuela to attend the Spanish energy companies and energy companies, signed in Caracas between the number of agreements on the media after the ceremony said: "This will be a great project." Chavez added that, Junin-7 block of Venezuela and Spain will be a joint venture formed to develop the oil block will be on more than 20 million barrels per day. The construction of the project to upgrade facilities to handle tar-like crude oil.
Venezuela and Spain agreed to start in 2005 at the Orinoco oil belt in eastern Venezuela's Junin-7 block the exploration and development cooperation. Orinoco region is considered the world's oil reserves and one of the major oil overweight.
Venezuelan Oil Minister Rafael Ramirez said that the oil block Junin-7 may be in the research end of this year. Once the joint venture sometime next year is approved, oil production may have been approved the day after the beginning of two years.
Aug. 3, 2009
