Venezuela and Colombia make up and begin discussing Orinoco Oil Projects

Venezuela and Colombia are set to discuss possible joint development projects in the oil rich Orinoco belt when the presidents of both countries meet Friday, the Colombian ambassador to Venezuela,
Fernando Marin, said.

"The Venezuelan government has told us that it's important for them to have Colombian presence in the Orinoco belt. It's something that we're eager to talk about," Marin told Dow Jones Newswires.

........................

Allowing for Colombia's presence in the Orinoco belt would be a surprising gesture by Venezuela, given the recent diplomatic disputes between both countries, which escalated to threats of war in March. Chavez has threatened on several occasions to shut imports from Colombia.

Orinoco Heavy Oil Belt, Venezuela

........................

Click here access the full article. Provided by Rigzone and Copyright (c) 2008 Dow Jones & company, Inc.