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British oil giant BP's Russian joint venture TNK-BP will invest 180 million dollars (132 million euros) in developing a field in Venezuela's energy-rich Orinoco region, the company said on Wednesday.

The investment, to be made between 2010 and 2012, will be "to appraise and develop the Junin 6 block in Venezuela," the company said in a statement.

TNK-BP, Russia's third largest oil company, said it would spend a total of 1.8 billion dollars in investment projects by 2012 -- most of them in Russia.

The Junin 6 field, believed to hold 53 billion barrels of oil, is being developed by Venezuelan state-run energy giant PDVSA and a Russian-dominated consortium that includes Gazprom, TNK-BP, Lukoil and Rosneft.

Relations between Venezuelan President Hugo Chavez and Russia have grown increasingly close in recent years, particularly through high-profile diplomatic visits, arms deals, military cooperation and energy ties.

BP has been active in Venezuela since 1994.

Story from AFP
AFP 02/17/2010 18:08

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