Venezuela in bid to export more oil

Venezuela overtook(超越) Saudi Arabia in 2011 as the country with the biggest proven(證明) oil reserves(存量) in the world, according to OPEC. That was thanks to the deposits found in the Orinoco Belt, an area that stretches over (延伸超過)55,000 square(平方米) kilometres across the delta of the Orinoco River as it meets the Atlantic Ocean.

But much of this oil is extra heavy crude(原油) - thick(濃稠的) and sticky(黏的), it needs special equipment(設備) to extract(提取) and refine(提煉) it. Producing heavier crude has met with opposition(反對派) over its impact(影響) on the environment and companies exploring(探索) the Orinoco belt have had to look at ways to minimise damage to the surrounding(周圍) ecosystem(生態).

It all means investment costs are much higher. Companies from Russia, China, Vietnam, the US, Spain and Italy are looking at investing US$ 80 billion over the next six years in partnership with the Venezuelan state oil firm. It's an unprecedented(前所未有的) level of investment for Venezuela.

Although the six projects are all due to be pumping oil in 2012, the consortia(財團) will not make binding(做出有約束力的) final investment decisions to commit to the projects until 2013.

Sarah Grainger, BBC News, Caracas