With significant shale oil reserves, the U.S. ranks ninth globally but leads the world in oil production. As of April 2025, U ...

The top 10 countries account for a major share of the world’s proven reserves. Countries such as Saudi Arabia, UAE, Kuwait, US and Russia have conventional light crude while the likes of Venezuela and ...

The Cardón refinery, Venezuela's second-largest with a capacity of 310,000 barrels per day, shut down after a power outage ...

The deals are part of President Nicolás Maduro’s plan to replace Western oil companies after US sanctions ended their licences.

Venezuela will bid three oil fields located in the heavy-crude-rich Orinoco belt, state oil company Petroleos de Venezuela SA, or PdVSA, said in an official press release.

Strategic Importance of the Orinoco Belt Situated in the Orinoco Belt, the targeted area represents CVX's most promising opportunity for near-term production escalation within Venezuela.

Chevron (CVX) restarts drilling in Venezuela's Orinoco Belt to boost crude production amid the U.S. sanctions threat, aiming for a 35% increase in production by 2025.

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 ...

The Orinoco Belt in eastern Venezuela extends across 55,000 sq km and holds about 90% of the world’s proven heavy and extra-heavy oil reserves. It is, however, the world’s least ...

Map of Orinoco oil belt by USGS, October 2009. In this article, I attempt to tackle the question of how much oil Venezuela could produce in the short term. That is, if restrictions by the US ...