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The Orinoco Belt is a large deposit of heavy crude oil located in the eastern part of Venezuela. It is one of the largest oil reserves in the world, with an estimated reserve of over 300 billion barrels of oil. The deposit is located in the Orinoco River Basin and covers an area of around 55,000 square miles. It was discovered in the early 1900s and has been in production since the 1960s. The oil from the Orinoco Belt is mostly exported to other countries, with the United States and China being the main customers. The state-owned oil and gas company of Venezuela, Petroleos de Venezuela S.A. (PDVSA), is the main operator of the Orinoco Belt.