Planned Venezuela-Russia oilfield capacity raised

CARACAS (Reuters) – The Junin 6 oilfield in Venezuela’s Orinoco belt will produce about 400,000 barrels per day — twice the previous estimates — from 2012 in a joint venture with Russia, state oil company PDVSA said on Saturday.

The project, which Russia says will cost $30 billion, includes an upgrader to turn the Orinoco region’s tarlike oil into a lighter crude suitable for export, PDVSA said in a statement.

Officials signed the deal establishing the joint venture while Venezuela’s President Hugo Chavez was in Russia this week. He also bought weapons on the trip, including short-range missiles.

Reuters