Venezuelan President Hugo Chavez shows o

PUERTO LA CRUZ, VENEZUELA: Venezuelan President Hugo Chavez shows on a map the location of new oil wells operating in the country during his weekend program "Alo Presidente" in Puerto La Cruz, west of Caracas, 10 October 2004. Chavez said during this program that he was raising from 1.0 percent to 16.6 percent the royalties paid by multinational oil companies operating in the Orinoco Belt, which contains one of the largest reserves of crude oil in the world. The oil majors -- who include ExxonMobil, Total, Statoil and ConocoPhilips -- had been exonerated from all but 1.0 percent of the tax in the 1990s by a previous government keen to attract foreign investors. AFP PHOTO / Presidencia (Photo credit should read HO/AFP via Getty Images)