ENERGY

Arco, Corpoven Sign Oil Agreement: Los Angeles-based Atlantic Richfield Corp. and the Venezuelan firm agreed to create a joint venture to produce and upgrade heavy oil, company representatives said. Investment in the venture, which would seek to produce 181,000 barrels a day of upgraded heavy oil, is expected to top $3.5 billion, executives said in discussing the letter of intent. Corpoven, a unit of state oil company Petroleos de Venezuela, said one or more partners could be incorporated into the project. Four international oil companies are under consideration, they said. The joint venture plans now go to Congress, where approval is expected by the end of the year. The venture would last 35 years and have estimated revenue of $33 billion over the life of the project.