Venezuela has the world’s largest oil reserve

Venezuela has the world’s largest oil reserve

Venezuela has the world’s largest oil reserve

A US Geological Survey says that Venezuela has much more oil than we all know. The scientists estimate that Venezuela’s Orinoco oil belt holds 513 billion barrels of recoverable heavy crude. This is twice as much as Saudi Arabia’s reserve, the country that was considered to hold the biggest reserve in the world with proven reserves of 260 billion barrels.

This evaluation is by far more optimistic than the official assessment made by Venezuelan President, Hugo Chavez. The state oil company, Petroleos de Venezuela SA (PDVSA) said it hopes to certify more than 235 billion barrels of crude oil from the Orinoco River basin, in eastern Venezuela. According to PDVSA the Orinoco River basin could hold 1.3 trillion barrels of extra-heavy crude oil. It’s estimated that the oil recovery rate will be about 40%-45% of the reserve.

Petroleos de Venezuela SA had no immediate reaction to the US Geological Survey, but is known that the Latin American country made it a priority to slowly increase Venezuela’s proven reserves, particularly in the Orinoco oil belt.

Proved reserved are those claimed to have at least 90% confidence of being recoverable with existing technology and under the existing political and economic conditions.

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