US$80 billion Venezuela's Orinoco belt Carabobo projects starts http://www.petroleumworld.com/storyt10051603.htm

Venezuela's energy & oil minister Rafael Ramirez with Repsol Chairman Antonio Brufau and Ali Moshiri, Chevron's head of production and exploration for Africa and Latin America, signed the agreement on Wednesday at a ceremony along with Venezuela's president Hugo Chavez, to start to develop reserves of the Carabobo project at the Orinoco's heavy oil belt region worth up to 40 billion dollars.

"We sign these agreements making use of our independence and sovereignty," Chavez said at the ceremony. "These are important and elevated levels of investment and will help Venezuela improve its competitiveness in the world ... this ratifies the international recognition of our oil policy."