Russian consortium had paid $ 1 billion to Venezuela to ensure participation in the Orinoco oil fields to exploit, among the largest in the world.

Group consortium consists of five companies that Rosneft, Lukoil, Gazprom, TNK-BP and Surgutneftegaz. South American Energy Minister Rafael Ramirez revealed that the five companies had paid to access the exploitation of reserves with South America.

AFP, Senin (14/9/2009), the state oil company Venezuela, Petroleos de Venezuela (PDVSAsay, a heavy crude oil production of 6 Junin, a large scale will begin in 2012.

In addition, in the Orinoco operations this will produce between 400 thousand – 450 thousand barrels of crude per day. Junin estimated 6 to produce 53 billion barrels of crude oil, this is making it one of the largest oil reserves in the world.

President Hugo Chavez, leader of the largest oil exporter in South America and a founding member of the Organization of Petroleum Exporting Countries (OPEC) said that during his visit to Moscow last week he signed a joint venture that will give PDVSA shares equal to 60-percent, with the remaining 40 percent of the consortium.

As for in this agreement, expected to reach $ 30 billion investment in a project. He added, that the operation could take up to one million barrels per day.

Just FYI, Venezuela claims the oil-rich country, this country has proven oil reserves approximately 142.3 billion barrels. Thus, Venezuela expects to increase total production to as high as 316 billion barrels. Where the total amount, 235 billion barrels estimated to be below the Orinoco.