The accord provides for joint exploitation of Block Six of the Mariscal Ayachucho zone of the Orinoco Belt, a region rich in heavy and extra-heavy crude oil plus tar sands.

“We can’t do it alone.” He said the US Geologic Survey found the Orinoco Belt has more than 500 billion barrels of recoverable crude. Repsol, Petroliam Nasional Bhd., Indian Oil Corp. and ...

Visiting Rosneft president Igor Sechin said he would make a trip to the Orinoco Oil Belt. On Wednesday, September 26, Sechin and Venezuelan President Hugo Chavez made a trip to the Fort Tiuna base ...

Work reportedly has been underway since mid-February at the heavy crude area of the Orinoco Belt, an area that represents Chevron's (CVX) best and perhaps only near-term opportunity to increase ...

TASS/. Venezuela and Russia have reached an agreement to step up investment and participation of Russian companies in development of Orinoco Belt oil reserves and other projects, Venezuelan ...