There are signs of progress on Venezuela's new Orinoco Belt heavy oil joint ventures, which have been stalled as the foreign partners wait for cash-strapped Petroleos de Venezuela (PDV) to provide its share of the required investments. PDV has a 60% share in all of the new Orinoco production and upgrading ventures, which are eventually supposed to produce 2.1 million barrels of crude per day. Four of the projects are developing heavy oil deposits in the Junin basin, with two more in the more remote Carabobo region.
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