Under the Endorsing Law of the Energy Treaty of the Bolivarian Alternative for the Americas (ALBA), member nations, including Bolivia, Nicaragua, Cuba and Venezuela, will drill jointly oil from a block located at the Orinoco Oil Belt.

The treaty released in the Official Gazette is aimed at "ensuring a balanced energy matrix," in addition to a reasonable use of energy and development of energy alternative sources.

The main goal is to "have available the oil resources that ensure their energy supply over the next 25 years."

Therefore, state-run oil companies of each member country will organize a "grand-national" company named "Petroalba."

"A grand-national company will act as a corporation of bilateral companies. It will have all the advantages to be offered by each state in order to develop projects based on the principles of solidarity and complementariness, instead of competition and free market," the instrument claims.