The President of the Bolivarian Republic of Venezuela, Nicolás Maduro Moros, highlighted this Monday, May 1 through his account on the social network Twitter, that “With the Nationalization of the Orinoco Oil Belt, the Revolution in the exercise of national sovereignty , put an end to the surrender of the governments of the fourth republic, and rescued, for the People, the greatest and most powerful natural wealth.”
In this sense, the Head of State has reiterated on different occasions that thanks to the firmness and will of Commander Hugo Chávez to recover energy resources for the people, the Orinoco Oil Belt was nationalized 16 years ago. A sovereign decision that we consolidate today, with a productive working class that remains at the forefront.
With the Nationalization of the Orinoco Oil Belt, the Revolution in the exercise of national sovereignty, put an end to the surrender of the governments of the fourth republic, and rescued, for the People, the greatest and most powerful natural wealth. pic.twitter.com/yTvuBGQElA
— Nicolas Maduro (@NicolasMaduro) May 1, 2023
15 years ago, with the Nationalization of the Orinoco Oil Belt, Commander Chávez put an end to the so-called “Oil Opening”. A milestone that began the recovery of our energy resources to guarantee social investment for the benefit of the People. pic.twitter.com/R2FxktFv4q
— Nicolas Maduro (@NicolasMaduro) May 1, 2022
It should be noted that on May 1, 2007, Commander Chávez nationalized the Orinoco Oil Belt (FPO) and the Exploration Agreements at Risk and Shared Profits, to put an end to the privatization process of the country’s oil industry.
What is the Orinoco Oil Belt?
The Orinoco Oil Belt is an area of 55,314 square kilometers that is to the north of the mighty Orinoco River and that extends through five Venezuelan states: Guárico, Anzoátegui, Monagas, Delta Amacuro and north of Bolívar.
Under this strip of land there are 271 million barrels of heavy and extra-heavy crude, which is equivalent to 20% of the world’s proven reserves, or a quarter of the reserves of all OPEC countries, the main cartel of oil producers. crude in the world.
The projection is that this oil deposit could be enough to extract a quota of 3 million barrels of crude oil per day for the next 300 years, according to a document published by the state company Petróleos de Venezuela (PDVSA).
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