Venezuela Books 10.251B Barrels More in Oil Reserves

Orinoco Heavy Oil Belt
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CARACAS (Dow Jones Newswires), October 30, 2008

Venezuela said Wednesday it was adding 10.251 billion barrels of crude to its national reserves as part of an ongoing review of its hydrocarbon reserves.

With this increase, the oil-rich country's total reserves now amount to 152.561 billion, making Venezuela the country with the second largest crude reserves, the Venezuelan oil ministry said in a statement.

Petroleos de Venezuela SA, PdVSA, booked the new reserves from the Iguana Zuata field in the Junin 2 block, located in the state of Guarico. The company has also added 826.553 billion cubic feet of gas to its natural gas reserves, the statement added.

Venezuela began a review of its hydrocarbon reserves in 2006 under the Orinoco Magna Reserva Socialist Project, meant to quantify extra-heavy crude reserves in the Orinoco basin.  

Copyright (c) 2008 Dow Jones & Company, Inc.


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