Russian oil major TNK-BP Holding (TNBP.LN) plans to invest around $250 million in development of the Junin-6 oil block in Venezuela within two to three years, Jonathan Muir, Chief Financial Officer of the company, told the Prime-Tass news agency Thursday.

The company plans to use its own funds to develop the project and doesn't plan to attract loans for it, Muir said.

TNK-BP is a member of Russia's National Oil Consortium, which was created to conduct operations of Russian oil and gas companies in Venezuela. The consortium also includes Rosneft (ROSN.RS), OAO Gazprom (GAZP.RS), Lukoil Holdings (LKOH.RS), and Surgutneftegas. Each of the five companies holds a 20% stake in the consortium.

The Junin-6 oil block is located in Venezuela's Orinoco River region. The oil output at the block is expected to amount to 450,000 barrels of heavy oil a day.

Agency Web site: www.prime-tass.com
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