Venezuela Orinoco’s Belt is the World’s largest know oil Deposit
Venezuela has the largest know oil deposit or petroleum reserve in the world, according to a new inform recently released by the U.S.
Geological Survey (USGS). This huge reserve is located in the South of Venezuela in the Orinoco’s Belt which is called “Faja” in Spanish.
The Venezuela’s government and the state oil company PDVSA has estimated this oil deposit on 235 billion barrels of crude, but The USGS – an American agency, said that the petroleum reserve in the Orinoco’s Belt were low-estimated by Venezuela and are even larger than 500 billion barrels.
The USGS study is great news for Venezuela, because this information represents an independent study about reserves of crude on the Orinoco’s Belt and is even better becausei it doubled initial estimation made by PDVSA.
However there is a big problem with the Orinoco’s Belt, petroleum is of the extra-heavy-weight type, wich means, that the crude’s extraction is very hard because petroleum doesn’t flow easily and the conversion process is expensive. For that reason it is possible to extract and only recover 20% of petroleum with the current technology that we have today. But even with this limitation, the Venezuela Orinoco’s Belt is great business for multinational oil companies.
These huge reserves of petroleum in Venezuela are attracting international and also local investors to develop and put up the new infrastructure to exploiting the crude. This last Wednesday night on February 10, the government of Venezuela announced new international partners to develop the Orinoco’s Belt, that represent an investment of 80 billion of American dollar for the next 6 years at least.
This is a great opportunity to develop the Orinoco’s region and to have a positive impact on the people of Venezuela, especially to the people who live in the south states of the country.
Ivan13P
Entrada en Español: la-faja-petrolifera-del-orinoco-es-la-reserva-de-petroleo-mas-grande-del-mundo
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