Turkey wants to help Venezuela increase oil production, Turkish Energy Minister Taner Yıldız said during a visit to the country earlier this week.
Yıldız said Turkey wants to take part in oil exploration activities in the country.
Venezuelan Foreign Minister Nicolas Maduro Moros held a reception for Yıldız, who was visiting the country for official talks. Minister Moros said at the reception that Turkey had left a good impression on them and they would be glad to develop bilateral trade protocols.
Venezuela owned rich oil and gas reserves, Moros said, adding that in the Oronico Belt there were oil reserves of between 330 and 350 billion barrels. The foreign minister said they started collaborating with international companies to extract the reserves by dividing the belt into blocks. “We will start providing China with 1 million barrels of crude oil on a daily basis within four years.”
Turkish Petroleum Corporation General Manager Mehmet Uysal said Venezuela currently produces 3 billion barrels of oil on a daily basis, but this amount could be increased to between 7 and 10 billion barrels per day, the same amount produced in Saudi Arabia.