<h1>Carabobo Area Oil Project,Venezuela</h1>

<p>The Carabobo Area Oil Project is an onshore oil area in Venezuela’s Orinoco Heavy Oil Belt,one of the world’s largest extra-heavy crude provinces. The project is recorded as an area-level upstream reference rather than a single field with a confirmed operator,development plan,or production start year. The wider Carabobo development zone has historically involved Petróleos de Venezuela SA (PDVSA) and several mixed‑company projects with foreign partners.</p>

<h2>Quick Facts</h2>

<table>
<tbody>
<tr><th>Item</th><th>Details</th></tr>
<tr><td>Project Name</td><td>Carabobo Area Oil Project</td></tr>
<tr><td>Country</td><td>Venezuela</td></tr>
<tr><td>Fuel Type</td><td>Oil</td></tr>
<tr><td>Onshore/Offshore</td><td>Onshore</td></tr>
</tbody>
</table>

<h2>Location</h2>

<p>The Carabobo area is located onshore in eastern Venezuela,within the Orinoco Heavy Oil Belt. The Orinoco Belt is divided into four principal development areas: Boyacá,Junín,Ayacucho,and Carabobo,with Carabobo forming the eastern part. The area is defined as a polygon and should not be treated as a single small site.</p>

<h2>Development History</h2>

<p>The wider Carabobo area became a focus of Orinoco Belt heavy‑oil development during the 2000s and 2010s,with mixed‑company project awards and international participation. Individual projects include Carabobo‑1 (associated with Petrocarabobo,PDVSA,Repsol,ONGC Videsh,Indian Oil Corporation,and Oil India),Carabobo‑2 (associated with Petrovictoria,PDVSA,and Russian partners),and Carabobo‑3 (linked to Chevron). A final investment decision date and production start year are not confirmed at area level.</p>

<h2>Ownership</h2>

<p>PDVSA is the central state oil company and has historically held majority positions in Orinoco Belt mixed companies. Foreign participants in Carabobo‑area developments have included Repsol,ONGC Videsh,Indian Oil Corporation,Oil India,Rosneft‑linked entities,and Chevron. No single operator or owner is assigned to the area‑level project record.</p>

<h2>Production and Reserves</h2>

<p>Project‑level production figures are not confirmed for the area record. Global Energy Monitor’s separate area‑level entry for Carabobo shows a 2012 reserve figure of 80,200 million barrels and 2012 production of 165.34 million barrels per year; these figures refer to the wider area and should be treated as indicative. The Orinoco Belt is recognized as one of the world’s largest heavy‑oil resource provinces,but area‑level resource figures do not confirm recoverable reserves or current output for the Carabobo area project.</p>

<h2>Recent Developments</h2>

<p>Venezuelan oil production declined significantly after 2014 due to underinvestment,operational difficulties,and sanctions. Carabobo‑area projects have been affected by international sanctions and partner changes,including the transfer of Rosneft‑linked Venezuelan interests to Roszarubezhneft in 2020. Public project‑specific updates for the area‑level record remain limited,with recent reports focusing on named joint ventures rather than the broad Carabobo area.</p>

<h2>Sources</h2>

<ul>
<li><a href="https://www.gem.wiki/Carabobo_%28area%29_Oil_Project_%28Venezuela%29" rel="nofollow noopener" target="_blank">Global Energy Monitor,Carabobo (area) Oil Project (Venezuela)</a></li>
<li><a href="https://www.gem.wiki/Carabobo_%28Area%29_Oil_and_Gas_Area_%28Venezuela%29" rel="nofollow noopener" target="_blank">Global Energy Monitor,Carabobo (Area) Oil and Gas Area (Venezuela)</a></li>
<li><a href="https://www.reuters.com/article/markets/us/factbox-venezuela-development-plan-for-orinoco-oil-belt-idUSN11233385/" rel="nofollow noopener" target="_blank">Reuters,Venezuela development plan for Orinoco oil belt</a></li>
<li><a href="https://www.eia.gov/international/content/analysis/countries_long/Venezuela/background.htm" rel="nofollow noopener" target="_blank">U.S. Energy Information Administration,Venezuela background</a></li>
<li><a href="https://www.repsol.com/content/dam/repsol-corporate/en_gb/sala-de-prensa/documentos-sala-de-prensa/26-%20Borrador%20Firma%20Carabobo_ing_tcm14-32768.pdf" rel="nofollow noopener" target="_blank">Repsol,Carabobo development agreement</a></li>
<li><a href="https://www.repsol.com/en/about-us/where-we-work/repsol-worldwide/the-americas/venezuela/index.cshtml" rel="nofollow noopener" target="_blank">Repsol,Venezuela operations</a></li>
<li><a href="https://www.chevron.com/worldwide/venezuela" rel="nofollow noopener" target="_blank">Chevron,Venezuela operations</a></li>
<li><a href="https://www.offshore-technology.com/projects/carabobo-oil-project/" rel="nofollow noopener" target="_blank">Offshore Technology,Carabobo Oil Project</a></li>
<li><a href="https://resourcegovernance.org/publications/national-oil-company-profile-pdsva" rel="nofollow noopener" target="_blank">Natural Resource Governance Institute,National Oil Company Profile: PDVSA</a></li>
<li><a href="https://www.bakerinstitute.org/sites/default/files/2020-02/import/fdi-monaldi-venezuela_uSQ8FHh.pdf" rel="nofollow noopener" target="_blank">Baker Institute,The Collapse of the Venezuelan Oil Industry</a></li>
<li><a href="https://www.boell.de/sites/default/files/uploads/2012/10/venezuela-orinoco.pdf" rel="nofollow noopener" target="_blank">Heinrich Böll Foundation,The Orinoco Oil Belt Update</a></li>
</ul>

IEPTC reference profile for Carabobo Area Oil in Venezuela,covering asset type,location,development status,and upstream industry context.

Carabobo Area Oil Project,Venezuela

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Carabobo Area Oil Project,Venezuela

Carabobo Area Oil Project,Venezuela

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