Chevron Corporation (NYSE:CVX) today announced that a consortium led by its Venezuelan subsidiary has been selected to negotiate its participation in a project composed of three blocks in the Orinoco Oil Belt (Faja) of eastern Venezuela.

"We look forward to being part of this new opportunity that will expand development of one of the world's largest known hydrocarbon resources," said Chevron Vice Chairman George Kirkland.

Situated in the eastern area of the Faja, approximately 40 miles (65 kilometers) to the northeast of the city of Puerto Ordaz, the three blocks have a combined area of 215 square miles (557 square kilometers).

"We are pleased with today's announcement and the prospect of negotiating an opportunity to expand our partnership with Petróleos de Venezuela S.A. (PDVSA) and the Venezuelan communities," said Ali Moshiri, president of Chevron Africa and Latin America Exploration and Production Co. "Chevron's growing presence in Latin America's resource-rich basins highlights the company's ability to fully integrate our experience and technology into the successful development of large, complex projects."

It is expected the consortium of Chevron, INPEX Corporation, Mitsubishi Corporation and Suelopetrol will hold a combined 40 percent interest in the empresa mixta (joint company). PDVSA will hold the remaining 60 percent interest.

In Venezuela, Chevron currently holds a joint venture interest in PetroPiar, an integrated extra-heavy oil project in the Faja; joint venture interests in PetroBoscan and PetroIndependiente; joint venture participation in Plataforma Deltana Blocks 2 and 3 to produce natural gas; and an interest in Venezuela's first liquefied natural gas project, which is currently under evaluation. Chevron also operates the offshore Cardon III block north of Lake Maracaibo in the Gulf of Venezuela.