Indian Oil has an agreement for $20 billion with the Corporación Venezolana del Petróleo S.A. (CVP) for the development and production of the Carabobo-1 Project in the Orinoco region of Venezuela. The new venture will be called PetroCarabobo S.A. Other parties to the agreement include OVL, Repsol and Petronas. The plan is to build heavy-oil production facilities, upgrading facilities and associated infrastructure. The upstream production facilities are expected to produce around 400,000 bpd of extra heavy oil, of which approximately 200,000 bpd will be upgraded into light crude oil in a facility to be located in the Soledad area of Anzoátegui State. The license term will be for 25 years, with the potential for a further 15 year extension.