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US Geological Survey: Venezuela's Oil Reserve May Double Saudi Arabia's! 380-652 Billion Barrels!

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posted on Jan, 23 2010 @ 06:36 PM
G'day ATS, this could be quite a story, possibly a major development that if proven correct could alter the balance of power in a world running out of crude oil.

Venezuela oil 'may double Saudi Arabia' BBC News

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.

If you read the article it says that a Venezuelan oil geologist is playing it down, saying that he doubts they can recover as much as the USGS has estimated!

I guess they really, really don't want to become the next Iraq!

But according to the USGS:

New Research on How Much is Currently Recoverable

An estimated 513 billion barrels of technically recoverable heavy oil are in Venezuela’s Orinoco Oil Belt.

This area contains one of the world's largest recoverable oil accumulations, and this assessment is the first to identify how much is technically recoverable (producible using currently available technology and industry practices).

“Knowing the potential for extractable resources from this tremendous oil accumulation, and others like it, is critical to our understanding of the global petroleum potential and informing policy and decision makers,” said USGS Energy Resources Program Coordinator Brenda Pierce. “Accumulations like this one were previously very difficult to produce, but advances in technology and new understandings in geology allow us to assess how much is now technically recoverable."

There are a lot of conspiracy theories going around ATS regarding the Haiti Earthquake and Venezuelan oil, could this be a mere coincidence that this comes 12 days after the quake!?

Any thoughts ATS?

All the best, Kiwifoot!

[edit on 23-1-2010 by kiwifoot]

posted on Jan, 23 2010 @ 06:52 PM

posted on Jan, 23 2010 @ 06:54 PM

Originally posted by jerico65

Cheers damn search button, Venezuela and Oil bring up nothing!

All the best!

posted on Jan, 23 2010 @ 07:59 PM
Well that's good enough for me. Can anyone say 51 States?

posted on Jan, 23 2010 @ 09:04 PM
reply to post by kiwifoot

G'day ATS, this could be quite a story, possibly a major development that if proven correct could alter the balance of power in a world running out of crude oil.

You know what, everytime someone states the world is running out of oil it JUST amazes me.

I always like to remember the old peanut farmer Jiimmyyy Caauuter saying we will reach max production back in the 80's.

What year is it again?

We are out of oil.

Sorry OP, I do not believe in ANY oil shortage.

Can you say Prudhoe Bay? Seal Island, Russia, Brazil, Gulf of Mexico,South Dakota and now Venezuela. Didn't another place just pop up on the radar?

It is just amazing all the oil we have been finding lately and also the other sites we just CAP and not pump.

Simply Amazing.

[edit on 1/23/2010 by endisnighe]

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