March 18, 2007
Venezuela certifies oil reserves

(Prensa Latina) - "Venezuela is certifying new oil fields in the Orinoco Strip so that the country can become the world leader according to its hydrocarbon reserves.

Statistics from the Energy and Oil Ministry show that Venezuela´s proven reserves are about 88 billion barrels, after the company Ryder Scout certified 1.6 billion barrels.

However, Energy and Oil Minister Rafael Ramírez pointed out that 50 billion barrels will be certified in that region by December 2007.

If that goal is achieved, Venezuela will have the world´s second largest oil reserves in 2008, only preceded by Saudi Arabia.

The Orinoco Magna Reserva project, which is being carried out by a score of foreign companies and the state-owned firm Petróleos de Venezuela S.A. will allow the country to have the largest world oil reserves in late 2008, with 316 billion barrels.

The Orinoco Oil Strip, south of the Venezuelan states of Monagas, Anzoategui and Guarico, plays a major role in the country´s energy strategy, as the region holds an estimated oil reserve of 235 billion barrels".