Orinoco oil belt is an area of 55,314 square kilometers containing 1.3 trillion barrels of extra-heavy hydrocarbons. About 20 percent, that is, the astounding amount of 260 billion barrels, the equivalent of the reserves of Saudi Arabia, the world leader, could be drilled with the help of cutting-edge technology, AFP reported.

Based on the estimates of state-run oil holding Petróleos de Venezuela (Pdvsa), if certified as part of a process involving state oil companies from China, Iran, Russia, Brazil, Argentina, and India, among others, it could become the largest reservoir in the world.

The Orinoco belt contains non-conventional, very sticky and extra heavy oil formerly known as bitumen. It has high sulfur content and can be hardly developed. To make it marketable, it should be upgraded before refining.

The government of President Hugo Chávez seeks to certify in 2008 that the region around river Orinoco -2.5 times the size of Israel- shelters the largest oil reservoir in the world.

Together with current proven reserves, these resources could sum up 316 billion barrels and bring the Venezuela's potential over Saudi Arabia, which accounts for 264 billion barrels, followed by Canada, Iran and Iraq.

In order to raise the output of 3 million bpd to 5 million bpd in five-year term, an investment of USD 15 billion is needed, with Pdvsa providing at least 51 percent of the input.

On May 1st, four huge projects -Ameriven, Sincor, Petrozuata and Cerro Negro- known as strategic partnerships, will turn into joint ventures with the Venezuelan state as major shareholder.

For the purposes of certification, called "Magna Reserva," the Orinoco belt was divided into 27 blocs distributed in four fields.