October
8, 2003
Venezuela wants
extra-heavy oil be added to the current reserves
By Elio Ohep
(Petroleumworld.com) - Rafael Ramírez
Energy Minister of Venezuela said that Venezuela
wants credit its 235 billion barrels extra heavy
oil reserves to the current 77.68, according to
Dow Jones.
If approved by OPEC, this move should change Venezuela's
individual quota within the Organization, Ramírez
said.
"We want to return to the fundamentals where
the quota system is not only an issue of production
capacity but also of reserves," said Ramírez,
reported Dow Jones.
Venezuela's is pushing for a change in the quota
system allocation and at the next OPEC meeting
in December the theme might be on the agenda,
according said OPEC´s Secretary General
Alvaro Silva, last month.
Venezuela's conventional crude reserves are at
the moment at 77.68 billion barrels, however,
the 77.68 billion conventional reserves plus the
235 billion of the Orinoco belt are equivalent
to almost half of the total reserves of oil found
in the Middle East.
