[Peace-discuss] Uh-oh

[C. G. Estabrook]

[Will we hear from the Obama administration about the increasing need to "stop 
terrorism in our own backyard" / "remove an evil dictator" / "democratize 
Venezuela"? --CGE]

	Venezuela oil 'may double Saudi Arabia'

A new US assessment of Venezuela's oil reserves could give the country double 
the supplies of Saudi Arabia.

Scientists working for the US Geological Survey say Venezuela's Orinoco belt 
region holds twice as much petroleum as previously thought.

The geologists estimate the area could yield more than 500bn barrels of crude oil.

This assessment is far more optimistic than even the best case scenario put 
forward by President Hugo Chavez.

The USGS team gave a mean estimate of 513bn barrels of "technically recoverable" 
oil in the Orinoco belt.

Chris Schenk of the USGS said the estimate was based on oil recovery rates of 
40% to 45%.

Petroleos de Venezuela SA (PDVSA), Venezuela's state oil company, has not 
commented on the news.

However, Venezuelan oil geologist and former PDVSA board member Gustavo Coronel 
was sceptical.

"I doubt the recovery factor could go much higher than 25% and much of that oil 
would not be economic to produce", he told Associated Press news agency.

Venezuela holds the largest oil reserves outside the Middle East. Saudi Arabia 
has proven reserves of 260bn barrels.

http://news.bbc.co.uk/2/hi/americas/8476395.stm

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