USGS Claims Venezuela Sits on Earth’s Largest Oil Reserves

From The Raw Story:

Venezuela may have just become the center of an energy-starved world.The Orinoco Belt, situated squarely underneath the South American nation, may hold some 513 billion barrels of crude oil, according to a new report by the U.S. Geological Survey (USGS).

That’s twice the size of Saudi Arabia’s oil reserves, placing Venezuela firmly atop the list of oil-rich nations.

The timing of the USGS announcement is striking. On Jan. 28, international firms will take part in an auction for contracts to drill in the Orinoco Belt. The deadline for auction registration was Jan 18, according to industry publication Petroleum World. Results will be announced on Feb. 10.

However, the USGS did not make an estimate of how much oil is actually recoverable. The Orinoco Belt’s reserves are typically thick and tar-like, with some patches difficult to reach with current drilling technology.

[Read more at The Raw Story]

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