Venezuela eyes 2012 start for huge oil field

CARACAS — Venezuelan state-run energy giant PDVSA said on Saturday that production would begin on its massive Junin 6 oil field by 2012, with backing from a Russian consortium.

In a statement, PDVSA said the Orinoco-based field would produce "between 400,000 and 450,000 barrels of crude a day."

Junin 6 is thought to hold 53 billion barrels of heavy crude, making it one of the world's largest reserves.

The Russian-dominated consortium includes Rosneft, Lukoil, Gazprom, TNK-BP and Surgutneftegaz.

The project is expected to cost up to 30 billion dollars.