November 8, 2005
Venezuela begins to measure its high-density oil reserves

(Xinhua) - "Venezuela, the world's fifth largest oil exporter, has begun to quantify and certify its high-density oil reserves, estimated at 235 billion barrels, state-owned oil producer Petróleos de Venezuela (PDVSA) said.

The PDVSA said the certification process is part of its Sowing Petroleum 2006-2030 plan, which tries to make Venezuela the largest known hydrocarbon reserve in the world.

The state-owned monopoly said oil reserves would rise to 315 billion barrels once the heavy oils of the Orinoco Strip in southeast Venezuela had been added to reserve data.

The certification process known as Magna Reserva, or Superb Reserve, is overseen by the ministry of Oil and Energy. It will cover 27 blocks and already has the support of China's CNPC (China National Petroleum Corporation) and Russia's Lukoil.

A long list of other energy companies are expected to join the process, including: Brazil's Petrobras, Iran's Petropars, Spain's Repsol YPF, India's Oil and Natural Gas Corporation and Russia's Gazprom.

Superb Reserve is part of a broader energy market strategy which also seeks to exploit offshore gas reserves.

The reserves of Mariscal Sucre gas field off the eastern coast of Venezuela are already being tapped by the Deltana and Rafael Urdaneta platforms, which aim to meet Venezuela's internal demand for natural gas.

The PDVSA said it plans to increase gas production to 11.5 billion cubic feet by 2012 from 6.3 billion at present, based on an estimated gas reserve of 150 billion cubic feet. Local experts said the reserve might even be as much as 196 billion cubic feet".