Venezuela Holds One of the Largest Oil Accumulations

http://www.bloomberg.com/apps/news?pid=20601086&sid=aGPHLlUtpZ50

http://www.fromthewilderness.com/free/ww3/012505_ftw_maps.shtml

http://pubs.usgs.gov/fs/2009/3028/

The Orinoco Oil Belt Assessment Unit of the La Luna−Quercual Total Petroleum System encompasses approximately 50,000 km2 of the East Venezuela Basin Province that is underlain by more than 1 trillion barrels of heavy oil-in-place. As part of a program directed at estimating the technically recoverable oil and gas resources of priority petroleum basins worldwide, the U.S. Geological Survey estimated the recoverable oil resources of the Orinoco Oil Belt Assessment Unit. This estimate relied mainly on published geologic and engineering data for reservoirs (net oil-saturated sandstone thickness and extent), petrophysical properties (porosity, water saturation, and formation volume factors), recovery factors determined by pilot projects, and estimates of volumes of oil-in-place. The U.S. Geological Survey estimated a mean volume of 513 billion barrels of technically recoverable heavy oil in the Orinoco Oil Belt Assessment Unit of the East Venezuela Basin Province; the range is 380 to 652 billion barrels. The Orinoco Oil Belt Assessment Unit thus contains one of the largest recoverable oil accumulations in the world.

http://pubs.usgs.gov/fs/2009/3028/



http://online.wsj.com/article/SB10001424052748703699204575016672711190144.html

An estimated 513 billion barrels of technically recoverable heavy oil are in Venezuela’s Orinoco Oil Belt.http://venezuelanalysis.com/analysis/5855

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).

Worldwide consumption of petroleum was 85.4 million barrels per day in 2008. The three largest consuming countries were United States with 19.5 million barrels per day, China with 7.9 million barrels per day, and Japan with 4.8 million barrels per day.

“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."

“Heavy oil is a type of oil that is very thick and therefore does not flow very easily,” said USGS scientist Christopher Schenk. “As a result, specialized production and refining processes are needed to generate petroleum products, but it is still oil and can generate many of the same products as other types of oil.”

This is the largest accumulation ever assessed by the USGS. The estimated petroleum resources in the Orinoco Oil Belt range from 380 to 652 billion barrels of oil (at a 95 and 5 percent chance of occurrence, respectively). The Orinoco Oil Belt is located in the East Venezuela Basin Province.

The USGS conducted this assessment as part of a program directed at estimating the technically recoverable oil and gas resources of priority petroleum basins worldwide. To learn more about this assessment, read the fact sheet, "An Estimate of Recoverable Heavy Oil Resources of the Orinoco Oil Belt, Venezuela" and visit the USGS Energy Resources Program web site. http://pubs.usgs.gov/fs/2009/3028/