May 24, 2006
Official: Proven reserves 80Bb crude and 151 trillion cubic feet natgas

(BNamericas.com) - "Venezuela has proven reserves of 80 billion barrels (Bb) of oil and 151 trillion cubic feet (Tf3) of natural gas, Luis Vierma, E&P deputy president of state oil firm PDVSA said during an energy conference in Caracas.

The new crude figure is some 5Bb above official PDVSA estimates issued in 2005 and the new proven natural gas reserves are 1Tf3 cubic feet higher than previously reported. Vierma stressed the 80Bb 'exclude extra-heavy crude for the Orinoco oil belt, this is all medium to heavy'. Combined with probable Orinoco reserves, Venezuelan reserves could total some 316Bb, he added.

Talking to journalists later Vierma said: 'These are very conservative estimates. When we complete our studies, these reserves will surely increase'. In a geographic sense 'crude is split between new deposits we have been exploring in western Venezuela and northern Monagas state. Since the majority of our gas is associated when we increase crude reserves, we also increase gas reserves,' the executive added.

Vierma was giving a presentation to the 17th International Gas Convention, organized by Venezuela's association of natural gas processors AVPG.

Venezuela accepted a Brazilian request to have its natural gas reserves certified by an independent third party. The size of these deposits will be the deciding factor in the US$25bn Gran Gasoducto del Sur natural gas pipeline through which Venezuela hopes to sell some 5 billion cubic feet of gas a day to Argentina and Brazil ".