Investment in Venezuela-Russia oil JV estimated at $30 bln

ST. PETERSBURG, August 15 (RIA Novosti) - A planned Russian-Venezuelan joint venture to develop Venezuela's Junin-6 oil field, will need an estimated $30 billion in investment, Russia's Deputy Prime Minister said on Saturday.

"If every thing goes well, then I am sure in the coming months such a joint venture will be established," Igor Sechin told journalists during a Russia-Venezuela Intergovernmental Commission in St. Petersburg.

The deputy premier said any joint venture could start operating straight away.

Sechin said that according to a survey the Junin-6 reserves, in the Orinoco oil belt, had been estimated at 53 billion barrels of oil.

Sechin said that the joint venture would comprise Venezuela's PDVSA state oil company and a consortium of Russian oil firms, including TNK-BP, Rosneft, LUKoil, Gazpromneft and Surgutneftgaz.