PANAMA CITY, PANAMA / HOUSTON, TEXAS (Editors at Energy Analytics Institute, 8.Jun.2025, Words: 1,143) — Venezuela is blessed with numerous heavy-oil reservoirs, but none compares to the largest accumulation of heavy and ultra heavy oil in the world – the 55,000 km2 (21,240 sq. mile) Orinoco heavy oil belt, also known as the Faja.
In the 1990s, 6 companies were invited to Venezuela to assist the South American country extract, upgrade and commercialize a tar-like extra heavy crude oil (EHCO) located in the Faja. These companies included ExxonMobil Corporation (US), ConocoPhillips (US), Chevron Corporation (US), BP plc (UK), Total (France) and Statoil (Norway).
