Venezuela: PDVSA, Government, Seeks to Prove World’s Largest Oil Reserves
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Tuesday, 31 January 2012 |
Venezuela’s state-run oil firm, PDVSA, has commissioned a study aiming to prove that Venezuela rather than Saudi Arabia has the world’s largest oil reserves. According to previous administration estimates, Venezuela has over 78bn barrels of reserves, though this figure does not include the 238bn extra-heavy Orinoco Oil Belt in the country’s Eastern region.
The Orinoco Belt oil was originally sold as boiler fuel and classified with coal rather than oil. However, PDVSA has recently been involved in ventures to mix this extra-heavy crude with lighter oil, creating a more transportable and refinable product. The ventures currently produce 500,000 bpd.
As a result, President Chavez has argued that the 238bn barrels in the Orinoco Oil Belt should be included in the country’s proven reserves, making it the most oil-rich nation worldwide, with 55bn barrels more than Saudi Arabia. The study commissioned by PDVSA will investigate this question, in an effort to enhance Venezuela’s influence and role within OPEC.
PetrolWorld 31012012
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