The development stages:In production - under development/2010-01.Carabobo 3 is composed of three blocks (blocks C2 South, C3 North and C5) and is being developed by Petroindependencia S.A, a joint venture composed by Chevron (34%), the consortium Japan Carabobo made up of Inpex-Mitsubishi-Jogmec (5%), Suelopetrol (1%). PDVSA owns the remaining 60%. This subdivision is made up of the areas Carabobo 2 Sur, Carabobo Norte and Carabobo 5. The Carabobo oil block is part of the Orinoco oil belt, one of the largest hydrocarbons reserves in the world. The Orinoco belt extends 55,314 square kilometers and is divided into four areas: Boyacá, Junín, Ayacucho and Carabobo. The Carabobo block is split into three zones: Carabobo 1, Carabobo 2, and Carabobo 3. PDVSA has said that each of the three blocks has potential to produce 400,000-480,000b/d by 2018.