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News // Companies

Venezuela to Take 1st Place Having Greatest Oil Reserves

11 August 2006 , 09:28517
Petroleos de Venezuela (PDVSA) announced Wednesday it would start a quantification process of the heavy and extra-heavy crude oil reserves in the Strip of the Orinoco, southeastern Venezuela.

A PDVSA note informed that launching the Magna Reserva Program will take place in Monagas State, which capital, Maturin, is 422.5 miles southeast of Caracas.

Oil reserves in the Orinoco area are estimated at 235 billion barrels which, added to the more than 70 billion barrels of light oil, would make Venezuela the country with the greatest oil natural reserve in the world.

Venezuela is the fifth world oil exporter and the eighth for natural gas reserves, estimated at 150 trillion cubic feet, with possibilities of adding another 196 trillion cubic feet in a short time.

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