CARACAS - Russian companies paid Venezuela a $1 billion bonus for the right to work at the Junin 6 oil field, Oil Minister Rafael Ramirez said on Sunday, and similar payments will be made at other oil projects.
"Its a bond to have access to the exploitation of reserves together with us, this is very important because in the past these rights were given without a bond for the country," Ramirez said on President Hugo Chavez's weekly television show.
Chavez said other oil companies would be expected to pay similar bonuses to access Venezuela's oil reserves, which include the vast Orinoco belt of tar-like crude where Junin 6 is located.
Sources at the oil ministry say Vietnam's state oil company Petrovietnam paid a $500 million bonus to start work at the Junin II field, also in the Orinoco region.
Venezuela and Russia established a joint venture on Friday to develop Junin 6. Russian companies involved include Rosneft (ROSN.MM), Gazprom (GAZP.MM), Lukoil (LKOH.MM), TNK-BP (TNBPI.RTS) and Surgutneftegaz (SNGS.MM).
Ramirez said the project will require an investment of $20 billion, less than the $30 billion figure touted by Russia.
Venezuela's PDVSA has a 60 percent share in the project and said it expects it to begin production on 2012 with a maximum output of 450,000 barrels per day.
Venezuela selected Russia to work on the project without a public tender, a decision making process used by Chavez as part of his "oil diplomacy" foreign policy.
"Its a bond to have access to the exploitation of reserves together with us, this is very important because in the past these rights were given without a bond for the country," Ramirez said on President Hugo Chavez's weekly television show.
Chavez said other oil companies would be expected to pay similar bonuses to access Venezuela's oil reserves, which include the vast Orinoco belt of tar-like crude where Junin 6 is located.
Sources at the oil ministry say Vietnam's state oil company Petrovietnam paid a $500 million bonus to start work at the Junin II field, also in the Orinoco region.
Venezuela and Russia established a joint venture on Friday to develop Junin 6. Russian companies involved include Rosneft (ROSN.MM), Gazprom (GAZP.MM), Lukoil (LKOH.MM), TNK-BP (TNBPI.RTS) and Surgutneftegaz (SNGS.MM).
Ramirez said the project will require an investment of $20 billion, less than the $30 billion figure touted by Russia.
Venezuela's PDVSA has a 60 percent share in the project and said it expects it to begin production on 2012 with a maximum output of 450,000 barrels per day.
Venezuela selected Russia to work on the project without a public tender, a decision making process used by Chavez as part of his "oil diplomacy" foreign policy.
