Venezuela, Iran sign series of energy accords

Venezuelan and Iranian officials on Sept. 17 signed a series of accords, including deals to develop oil fields, build factories, and set up a $2 billion investment fund to finance the projects.The agreement is part of Venezuela’s 24-year, heavy oil development plan during 2006-30 centered within the Orinoco Oil Belt, with an extension of some 210 sq miles. The Orinoco Belt is south of Guárico, Anzoátegui, and Monagas states.Petroleo de Venezuela SA estimates that the 20,077 sq mile Orinoco Belt area contains 235 billion bbl of crude, which, added to the country’s current 81 billion bbl in proved reserves, could elevate Venezuela’s reserves to 316 billion bb...

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