In the latest show of goodwill between the Russian-Venezuelan alliance, Prime Minister Vladimir Putin has pledged splendid Russian oil technology for Venezuela's oil fields.
Russia will use the most modern oil extraction and processing technology if it wins access to Venezuela's oil deposits, Prime Minister Vladimir Putin told a Venezuelan official delegation on Tuesday.
Venezuela's state oil company PDVSA and a consortium of Russian firms expect next month to present a joint venture that aims to develop the Junin 6 block in the Orinoco oil belt, which Venezuela says has the world's largest hydrocarbon reserves.
"If we will work in Venezuela and realise all our plans, the technology and equipment which will be used in Venezuela will be even more modern," Putin said.
"The Russian companies will use the latest technology available in global markets," Putin said.
A formal contract to jointly develop the Junin 6 block with an estimated production capacity of 200,000 barrels per day should be signed before the end of the year.