Venezuela Expects More Oil
Caracas - Venezuelan specialists consider
possible the discovery of new oil resources
in the Orinoco Strip, similar to that found
by the Spanish company Repsol in the
oilfield Junin 7, with more than 31 million
barrels.
Alejandro Mata, Venezuelan oil expert, said
that other announcements might be given
after the exploration of the other 19 blocks
assigned to more than 20 companies.
Mata said that other companies such as
Sinopec, ENI or Statoil could possibly make
similar announcements in their areas.
Repsol will operate the recently discovered
wealth with PDVSA (Venezuela) already
producing 200,000 barrels daily in 2010.
The Orinoco Strip has more than 1.3 billion
barrels of crude oil, with reserves
estimated at 270 billion barrels.
When the quantification process finishes
Venezuela will reach nearly 316 billion
barrels to become the world's largest crude
oil reservoir.
The discovery is the most important this
year, comparable only to that made by Brazil
in 2008, on the coast of Rio de Janeiro,
with reserves of 33 billion barrels.
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