The parliament of Venezuela approved a project on country's joint development of a major oilfield in Venezuela's Orinoco oil belt Junin 6 with Russia, local Globovision television channel reported.

Last September, PdVSA and the Russian Oil Consortium signed a memorandum of understanding on the Junin 6 project.

The Russian Oil Consortium is comprised of Rosneft, energy monopoly Gazprom, Lukoil, TNK-BP and Surgutneftegaz.

According to U.S. Geological Survey, Venezuela's Orinoco oil belt holds 513 billion barrels of recoverable heavy crude, nearly twice as much as the proven reserves of Saudi Arabia.

Venezuela has the largest proven reserves outside of the Middle East, 172 billion barrels, but still trails Saudi Arabia, which has proven reserves of more than 260 billion barrels.

BUENOS AIRES, March 10 (RIA Novosti)