Venezuela Barrels in 20.96B in Additional Crude Reserves

Orinoco Heavy Oil Belt
(Click to Enlarge)

According to a report by Dow Jones Newswires, Venezuela confirmed that at the end of 2008, it added 20.958 billion barrels of crude to the country's national reserves, which has increased Venezuela's proven oil reserves to a total of 172.323 billion barrels.

The South American country now contains the second largest crude oil reserves, following its number one contender, Saudi Arabia, whose reserves base contains 264.2 billion barrels.

Local media reports that the additional reserves were booked by the Magna Socialist Project, which quantified Venezuela's oil reserves located along the Orinoco Heavy Oil Belt.

Recently, Venezuela's Oil Ministry delayed a major offer of proved reserves in the Carabobo Area of the Orinoco Belt. Carabobo is estimated to hold 32 billion barrels of proved reserves. Bids for the Carabobo Round, originally scheduled to launch on April 16, have been postponed by two or three weeks.


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