The government of socialist President Hugo Chavez signed an agreement with U.S. oil giant Chevron and Repsol Spain on Wednesday with a value up to U.S. $ 40 billion to build reserves in the oil-rich Orinoco Belt region.

Under the new investment laws and regulations approved in 2007, the government-owned oil company Petroleos de Venezuela (PDVSA) has at least 60% of the shares on each of the Orinoco projects.

Chevron, which led a consortium including Japan’s Impex and also Mutsubishi and Suelopetrol Venezuela, will operate in Carabobo Bloc Three, officials said.

Repsol, which led a consortium including Malaysian oil company Petronas and the Indian company ONGC, Indian Oil and Oil India, are assigned to One Bloc Carabobo.

Their investments would be “between U.S. $ 15 billion to U.S. $ 20 billion per project, and production will range from 400,000 to 480 000 barrels per day every block,” said Minister of Petroleum and Energy Rafael Ramirez, who is also head of PDVSA.

For several years experts believe that it is necessary to suck the expensive cost of extracting oil and heavy and very heavy type in the Orinoco Belt, a 55 314 square kilometer area around the Orinoco River.

But the mild decline in oil reserves and rising oil prices – currently around U.S. $ 75 per barrel, compared to U.S. $ 20 per barrel around the 1990s – has been increased interest of foreign investors.

Repsol Chairman Antonio Brufau and Ali Moshiri, head of Chevron’s production and exploration for Africa and Latin America, signed an agreement on a joint event with Chavez.

Projects that are being run in the Orinoco Belt donate 80 billion dollars in investment, said Ramirez.

Orinoco Belt is projected to produce 4.6 million barrels of oil per day in 2020, making Venezuela’s overall production to 6.8 million barrels per day, up from the current 3.0 million barrels per day, Ramirez said. If you have a plan to go to Venezuela, you can loan money from http://www.ms-payday-loans.com.

Some oil companies, like ConocoPhillips and ExxonMobil, based in the United States, left Venezuela after Chavez’s government changed investment laws in 2007 and the nationalization of their assets.

But other oil companies, including Chevron and Repsol, trying to stay in the country and invest in Venezuela under the new rules. Enjoy Venezuela, if you need extra money, visit payday loans.

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Figures for retail sales increased by 0.2% in the first quarter ago, compared to the previous fourth quarter. The increase in retail sales was smaller than the quarterly increase in retail sales that occurred in the fourth quarter ago. The increase in retail sales in the fourth quarter reaches 0.9%.

Slower growth of retail sales is also under estimated. The analyst previously estimated that in the first quarter of retail sales will increase by 0.3%.

Meanwhile, core retail sales growth, which excludes sales of vehicles and fuel, decreased by 0.5% compared to the previous fourth quarter.