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Venezuela:Development plan for Orinoco oil belt

February 12, 2010 @ 5:57 pm In Oil & Gas Market News

It is reported that Venezuela has launched a massive endeavor to develop the nation's vast Orinoco heavy crude oil belt, considered one of the largest in the world, that is slated to add 2.1 million barrels per day of new production.

The press release is quoted as saying:

Venezuela will receive a combined total of almost $6 billion in bonuses and financing from the partner companies.

Click here to access the entire press release [1]

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[1] Click here to access the entire press release: http://www.reuters.com/article/idUSN1123338520100211

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