The British government tabled a White Paper in June officially pledging to defend the islands and declared there would be "no weakening" in the country's resolve.
Mr Carreno said the prospective investments are the result of joint-ventures in Venezuela between the two South American countries.
"We have a field in the [Venezuelan] Orinoco [Heavy-Oil] Belt, which produces 130,000 barrels a day," he said. "We will increase that production to 160,000 barrels and develop another field, which would produce another 200,000 barrels."
The Orinoco Belt is an area of 21,357 square miles (55,314 square kilometers) in the east of the country that has some 235,000m barrels in proven reserves.
However, Mr Carreno added that Venezuela is "proceeding with caution" after a warning by Repsol to companies that partner with YPF after the expropriation of its shares.
"We reserve the right to take legal action against any investor in YPF or its assets that have been illegally expropriated from Repsol," company spokesman Kristian Rix told AFP in April, without elaborating.
"Repsol should think carefully before attempting to attack YPF," Mr Carreno countered. "We are not threatening anybody. What we are doing is being consistent with our approach, and we are not going to trample over the Argentine company."
Argentina announced in April it was taking control of YPF, seizing a 51pc stake from Repsol, a decision cheered by Venezuelan President Hugo Chavez.
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