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Chavez: In 2009, Venezuela will have the largest certified oil reserves in the world
Reuters/Carlos Garcia Rawlins
Venezuela's President Hugo Chavez speaks at National Assembly to present the annual state of the nation in Caracas January 11, 2008. .CARACAS
Petroleumworld.com Jan 14, 2008On Friday, at the annual state of the nation address, Venezuelan President Hugo Chavez promise that by the end of 2009 Venezuela will have certified the largest amount of proven oil reserves in the world.
By the end 2009 Venezuela's independent certified oil reserves will stand at 313 billion barrels which could 'guarantee energy supplies to many countries', Chavez said on a 5 hour televised address.
Chavez said Venezuela's certified oil reserves currently stand at 100 billion barrels, and the goal is to have another 100 billions barrels certified by 2008 and another 100 billion barrels by 2009. Reserve estimates suggest the Orinoco River belt basin has up to 235 billion barrels of heavy crude.
Chavez added that when he took office in 1999, the country had 76 billion barrels of proven reserves.
Venezuela is the world's fifth largest oil exporter and one of the top suppliers to the United States.
Story by Elio Ohep from Petroleumworld
Petroleumworld 13 01 08Copyright© 2007 Petroleumworld. All rights reserved.
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