In the vast Orinoco Belt, companies paid only a 1 percent royalty, a level intended to overcome concerns about drilling for heavy, poor-quality oil.

The programme on Sunday was broadcast from the Orinoco Belt.

"There are no new oil regions that compare to the Orinoco Belt."

The Orinoco Belt is currently divided into four exploration and production areas.

Orinoco Project: In charge of developing the Orinoco Belt.

The next day he announced intentions to re-take control of oil projects in the Orinoco Belt, which he said are "the world's largest crude reserve."

The world's largest deposit of bitumen is in the Orinoco Belt in Venezuela.

"With the Orinoco Belt, Venezuela has the second-largest oil reserves in the world, after Saudi Arabia."

The Orinoco Belt, entirely in Venezuelan territory, consists of large deposits of extra heavy crude (oil sands).

Like coal and oil, bitumen occurs naturally and is obtained from the world's largest deposit in the Orinoco Belt in Venezuela.