Venezuela claims 23% increase in oil reserves

Venezuela said its proved oil reserves rose by 23% to 211.17 billion bbl due to the addition of 39.24 billion bbl mainly from the Orinoco heavy oil belt.The new reserves were certified in the Barcelona, Maracaibo, Maturin, and Cumana areas and in Orinoco oil belt blocks Junin 10, Junin 7, Ayacucho 3, Ayacucho 5, Boyaca 2, Boyaca 5, and Ayacucho 8 (see map, OGJ, Nov. 21, 2005, p. 54).The new figures put Venezuela behind Saudi Arabia's 266 billion bbl and ahead of Iraq's 113 billion bbl and Kuwait's 94 billion bbl in terms of proved reserves at the end of 2009.Analyst IHS Global Insight said the increased figure reflects the incorporation of reserves in the Orinoco belt under Venezuela's Ma...

Why Register?

Non-subscribers can only view whitepapers by providing name, home and email address, phone number and other information and comment on/rate articles.

Why Subscribe?

Oil & Gas Journal subscribers with login credentials can access these premium features of OGJ Online:

  • Current Issue – an html version of the current week's issue of Oil & Gas Journal.
  • Past Issues – An Electronic OGJ Archive. A keyword-searchable archive of all issues of Oil & Gas Journal dating back to 1990; also searchable by issue date.
  • Market Journal – a weekly round-up of the oil and gas markets, with observations from leading analysts.
  • Editor's Perspective – a short article of insight and opinion by the Editor of Oil & Gas Journal.
  • OGJ Industry Stats – quick access to current industry statistics from Oil & Gas Journal.
  • OGJ Survey Downloads - quick access to exclusive reports from Oil & Gas Journal.


Subscriber Help or Subscribe

Oil & Gas Journal Subscribers: Have your subscription number (from the mailing label on the cover of your Oil & Gas Journal) and e-mail address ready to set up your online account through Customer Service Assistant.

If you're not an Oil & Gas Journal subscriber, start a subscription and gain access to the subscriber areas of OGJ Online now.

Stay Connected