The agreement was signed during a visit to Belarus by representatives of Venezuela's national oil company PDVSA, whose subsidiary, PDVSA Servicios, will be involved in the joint venture.
Belorusneft has stepped up cooperation with Venezuelan partners after Belarusian President Alexander Lukashenko visited the country late last year, and Belorusneft and PDVSA already have a joint oil production enterprise, Petrolera BeloVenezolana, and a seismic works joint venture, Sismica-BeloVenezolana.
Petrolera BeloVenezolana earlier announced plans to produce around 700,000 metric tons (5.14 million bbl) of oil at Guara Este and Lagomedio fields in 2008. Company experts have also drafted business plans for another three Venezuelan oil fields to be included in the joint venture.
