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Venezuela contains some of the largest oil and natural gas proved reserves [Copy link] 中文

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Post time 2016-4-19 03:42:19 |Display all floors
Venezuela contains some of the largest oil and natural gas proved reserves in the world. Venezuela consistently ranks as one of the world’s top suppliers of crude oil to the United States.

Venezuela is one of the world’s largest producers and exporters of crude oil. The country has been one of the largest exporters of crude oil in the Americas. As a founding member of the Organization of the Petroleum Exporting Countries (OPEC), Venezuela is an important player in the global oil market. Although oil production has declined since its peak in the late 1990s, Venezuela has been among the top exporters of crude oil to the United States have been among the largest in the world. In recent years, through significant upfront investment, an increasing share of Venezuela’s exports has been delivered to China.

While Venezuela is important to the global oil market, the government’s reinvestment of oil revenues into social programs instead of reinvestment into exploration, production, and refining has led to declines in output.

In 2014, Venezuela consumed 3.3 quadrillion British thermal units (Btu) of total energy.1 Oil continues to represent most of the country’s total energy consumed, and natural gas consumption has increased in the past five years. Hydroelectric power meets less than 25% of total demand, and coal represents less than 1%.
Map of Venezuela

Source:CIA World Factbook
Petroleum and other liquids

Venezuela had the world’s largest proved oil reserves in 2014.

In 2014, Venezuela had 298 billion barrels of proved oil reserves, the largest in the world. The next largest proved oil reserves are in Saudi Arabia (268 billion barrels) and in Canada (173 billion barrels). Most of Venezuela’s proved oil reserves are located in its Orinoco heavy oil belt, which has 220.5 billion barrels in proved oil reserves.
Figure 1. Selected country proved oil reserves in the Americas, 2014  READ MORE:

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Post time 2016-4-19 03:47:18 |Display all floors
This post was edited by macanese at 2016-4-19 03:55

BRAZIL holds the second largest reserves in Latin America: Brazil offshore subsalt holds 176 bln bbls of oil, gas -study

RIO DE JANEIRO | By Jeb Blount

Aug 10 Brazil's Subsalt Polygon, an offshore area that has already yielded some of the world's largest recent oil finds, may hold enough undiscovered petroleum and gas to supply the world's current oil needs for more than five years, researchers said.

The Polygon, which covers most of Brazil's Santos and Campos offshore sedimentary basins, contains at least 176 billion barrels of undiscovered, recoverable resources of oil and natural gas (barrels of oil equivalent), according to study released last week by Cleveland Jones and Hernane Chaves of the National Institute of Oil and Gas (INOG) at Rio de Janeiro-State University.

That is more than four times the 30 billion to 40 billion boe already discovered in the area.

"This is a conservative estimate with a high probability of coming true, 90 percent in fact," Jones said. "In theory, total undiscovered, recoverable resources in the Subsalt Polygon could be as high as 273 billion barrels, but the higher number only has a statistical certainty level of 10 percent."

Subsalt refers to oil trapped far beneath the Earth's surface or seabed by a layer of mineral salts. The Polygon is a Brazilian legal district that covers an offshore area near Rio de Janeiro and Sao Paulo where Brazil already gets about 85 percent of its oil and gas.

The INOG's estimate is the only major public assessment of the Subsalt Polygon's potential. The 2015 estimate is 54 percent bigger than the INOG's 2010 estimate of 114 to 288 billion boe. That survey put the probability of the lower estimate at 90 percent and the higher outlook at 10 percent.

Unlike other democratic, oil-producing countries such as the United States, Canada, Britain and Norway, Brazil's government and petroleum regulator ANP does not publish estimates of potential Brazilian offshore resources.

"Brazil has been remiss in not making such numbers public," said John Forman, a former director of Brazil's oil regulator ANP. He added that the INOC estimate is the only reliable public estimate available and that it uses industry-accepted methods.

Taken individually, the average size of undiscovered fields within the Subsalt Polygon is 246 million boe, according to the 2015 study's most conservative estimate.

Recoverable resources are exploitable using current technology, but may not be viable depending on the price of oil, the cost of equipment and the financial health of the companies that own the rights to produce them. Resources can only become reserves if they economically exploitable. (Reporting by Jeb Blount; Editing by Marguerita Choy)

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Post time 2016-4-19 07:45:57 |Display all floors
This post was edited by macanese at 2016-4-19 18:56

VENEZUELA + BRAZIL:  474 Billion barrels of oil - 2016

turmOIL in Latin America, Venezuela in 2002 and Brazil in 2016.

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Post time 2016-4-19 20:23:41 |Display all floors
turmOIL  in  Brazil  a  few  days  ago: ... useff-workers-party

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