The development stages:In production - under development/2010-01.Carabobo 1 is an onshore project being developed by Petrocarabobo, a joint venture that holds a 40% stake and was originally composed by Repsol (11%), Petronas (11%), onGC Videsh Limited (11%), Indian Oil Corporation (3.5%) and Oil India Limited (3.5%), in conjunction with state oil company PDVSA (60%). Petronas has withdrawn from the project as of September 2013. onGC Videsh Ltd along with Oil India Corp have then mulled to buy Petronas stake at the project. The areas on this license are Carabobo 1 Centro and Norte. Initial investment by Petrocarabobo JV was US$1.05bn and at the end of 2013 the field was producing 30,000b/d. The Carabobo oil block is part of the Orinoco oil belt, one of the largest hydrocarbons and crude oil 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. The region has a 257 billion barrels of proven heavy oil reserves.