Venezuela to 'Double' Oil Output with Russian Support
Venezuela to 'Double' Oil Output with Russian Support
Published 28 May 2015 (5 hours 20 minutes ago)
Venezuela's oil production is set to boom due to a massive deal struck with Russia's Rosneft.
Venezuela's oil output could be set to double in the coming years, after the government secured US$14 billion in new Russian investment Wednesday.
Most of the Russian investment will go towards improving output in the Orinoco Belt – a strip of Venezuela's north east that is believed to hold the world's largest proven oil reserve. According to Venezuelan estimates, the Belt holds close to 235 billion barrels of accessible oil.
The deal to boost Russian investment in the region was reached after talks in Caracas between President Nicolas Maduro, National Assembly head Diosdado Cabello and the heads of state oil firm PDVSA and Russia's Rosneft.
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