Orinoco Heavy Oil Belt
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According to Reuters, Venezuela clarified Thursday that Venezuela's Official Gazette erroneously stated that a Venezuelan-Russian consortium will be developing an oil project in the Carabobo area.

In fact, the joint venture is not going to develop the Carabobo 1 central and northern blocks; rather, the companies will be developing the Junin 6 block, which has the potential to produce 200,000 barrels per day.

"This week or next a gazette should be printed with the correct block (Junin 6). Those blocks (Carabobo) are being publicly tendered," a PDVSA spokesman told Reuters.

The consortium to develop the Junin 6 block consists of state-run PDVSA, Rosneft, Gazprom, Lukoil, TNK-BP and Surgutneftegaz.