Iran To Start Venezuela Oilfields Development In 2008

TEHRAN – Iran’s Petropars Company will launch the development of the heavy-oil fields in Venezuela in 2008, said A Petropars official on Tuesday.

To extract 200-300 thousand barrels of oil from Venezuela’s oilfields, more than two thousand wells will be drilled in the region, Ali Talebi said.

Petropars will establish different installations for transforming the heavy oil to light oil, he said.