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decision not to buy Petronas stake before the expiry of the 30-day deadline on September 27, 2013. The Indians had, however, promised to look for a suitable replacement for Petronas.
The Carabobo-1 project in the Orinoco heavy oil belt began limited production in March this year and is planned to produce 480,000 barrels of oil a day at peak. The field requires USD 20 billion to develop and produce oil.
The consortium, which had in 2010 paid USD 1.05 billion to win the project, is also investing in a separate a 200,000 barrel per day upgrader to convert heavy crude into light crude oil.