Orinoco Belt fields in Venezuela to be developed with Russian help

Orinoco Belt Venezuela

Orinoco Belt: Russian investment and participation in the development of Venezuela’s onshore Orinoco Belt oil reserves is to be ramped up, following yesterday’s meeting between President Putin and his Venezuelan counterpart Nicolas Maduro.  Venezuela produces three 3 million barrels of oil a day,  2.5 million of which are exported, mainly to the United States and China. It is the world’s fifth oil exporter, with reserves are estimated at almost 300 billion barrels, mostly in the Orinoco Belt. ITAR-TASS