Orinoco Belt: Map, Reserves and Who Pumps Oil There in 2026
The Orinoco Belt (Faja Petrolífera del Orinoco) is a strip of land about 600 km long and 70 km wide along the north bank of the Orinoco River in eastern Venezuela, covering roughly 55,314 km² (21,357 sq mi). It sits under Guárico, Anzoátegui, Monagas and Delta Amacuro states and holds one of the largest accumulations of oil on Earth — almost all of it extra-heavy crude, below 10° API. The U.S. Geological Survey estimated 513 billion barrels technically recoverable in 2009, and the Belt accounts for most of Venezuela’s 303.7 billion barrels of proven reserves, the world’s largest.
Where is the Orinoco Belt? The four areas
The Belt is divided into four areas (with their former names):
| Area | Former name | Notes |
|---|---|---|
| Boyacá | Machete | — |
| Junín | Zuata | Blocks 1–8 and 10; Eni operates Junín 5 |
| Ayacucho | Hamaca | Chevron got the Ayacucho 8 area, next to its Petropiar venture, in 2026 |
| Carabobo | Cerro Negro | Blocks 1–3; Chevron’s Petroindependencia was assigned Carabobo 1 and 2-South-A in 2026 |
Area and divisions per Wikipedia; company positions per Eni and Oil & Gas Journal.
How much oil is in the Orinoco Belt?
| Estimate | Barrels | Source |
|---|---|---|
| Oil in place | more than 1 trillion | USGS (2009) |
| Technically recoverable | 513 billion (range 380–652 billion) | USGS (2009) |
| Proven reserves in the Belt | 220.5 billion | EIA (2015) |
| Venezuela’s total proven reserves | 303.7 billion | OPEC (end-2025) |
| Economically recoverable, all Venezuela | about 29 billion | Rystad Energy, via OilPrice.com (2026) |
The gap between those numbers is the whole story. “Technically recoverable” means it can be extracted with current technology, not that it pays to do so; the USGS did not assess economic recoverability. Rystad’s much lower figure is what it considers profitable.
Why is Orinoco oil so hard to produce?
Its crude is biodegraded and below 10° API, per Wikipedia — below 10° means it is denser than water. Extra-heavy oil needs upgraders, plants that turn it into lighter synthetic crude; Wikipedia lists upgraders planned for Carabobo 1, Carabobo 3 and Junín 2, and Reuters notes Petromonagas has one in operation. Chevron says its Venezuelan ventures produce at under $20 a barrel, per Oil & Gas Journal.
Who is pumping oil in the Orinoco Belt in 2026?
- Chevron: its Petropiar and Petroindependencia joint ventures with PDVSA are in the Belt. In April 2026 it got the Ayacucho 8 area; in September, Carabobo 1 and Carabobo-2-South-A, as part of a plan to invest more than $7 billion and reach about 600,000 b/d (Chevron in Venezuela).
- Eni: since September 2, 2026, exclusive operator of Junín 5 for 25 years. The field holds 35 billion barrels of certified oil in place and produces about 12,000 b/d, per Eni.
- Exxon: in talks, per Reuters in September 2026, to return to Petromonagas (formerly Cerro Negro), which has a working upgrader and in which Russia’s Roszarubezhneft holds 40%.
- NABEP: the August 2026 U.S.-backed deal covers 17 fields with 65 billion barrels, but their locations have not been made public (the Venezuela oil deal).
What is not known
- How much the Belt produces today. Neither PDVSA nor OPEC publishes output by area.
- How much of its oil is profitable at current prices: estimates range from 29 billion barrels for all of Venezuela to hundreds of billions technically recoverable.
- The state of its upgraders after years of underinvestment.
More on Venezuela’s oil: oil reserves, oil production and companies with exposure.