Wednesday, July 14, 2010
Guess which country we will attack next?
Venezuela oil 'may double Saudi Arabia'
A new US assessment of Venezuela's oil reserves could give the country double the supplies of Saudi Arabia.
Scientists working for the US Geological Survey say Venezuela's Orinoco belt region holds twice as much petroleum as previously thought.
The geologists estimate the area could yield more than 500bn barrels of crude oil.
This assessment is far more optimistic than even the best case scenario put forward by President Hugo Chavez.
The USGS team gave a mean estimate of 513bn barrels of "technically recoverable" oil in the Orinoco belt.
Chris Schenk of the USGS said the estimate was based on oil recovery rates of 40% to 45%.
Petroleos de Venezuela SA (PDVSA), Venezuela's state oil company, has not commented on the news.