Anglo-Russian venture TNK-BP announced plans to increase oil production from fields in Venezuela to 120,000 barrels per day by 2012.
Petromonagas, a joint venture between TNK-BP and Venezuelan state-oil company Petroleos de Venezuela, said by the first quarter of next year, production could increase 10,000 bpd to 120,000 bpd.
TNK-BP said it aims to dig 54 new wells and dispatch seven drilling rigs during its current program in Venezuela.
Jerome Auzenne, technical director for TNK-BP Venezuela Holding, said the success of the upcoming drilling period would determine "project economics" for the operation.
"Our synergy with the partners and establishment of good business relations will permit Petromonagas and TNK-BP Venezuela to continue growing and developing efficiently," he added.