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JUN-26, 2013
4 reservoirs of Venezuela
In the 21st Century
  • Twice the amount consumed since the beginning of oil production
  • The Orinoco Oil Belt of Venezuela has potential reserves of 1.3-trillion

Oil America, Inc.

Since the start of the oil rush in Titusville, PA, to the late nineteenth century, the world has produced about 1-trillion barrels of oil; during the 21st century it is estimated to be required to produce approximately 2-trillion barrels, stated Germán Chacin, CEO of oil America, when asked by the editors of this website about the prospects for global oil demand and participation of Venezuela in that scenario.

From where will that oil demand come from?

-In addition to the large oil reserves of the Middle East, evaluated about 680-million barrels, the other resources are concentrated in the Orinoco Oil Belt in Venezuela, in Canada's bitumen and in oil shale in the United States, considered latter two unconventional hydrocarbons.

What is the Orinoco Oil Belt?

  • The Orinoco Belt is a vast area rich in heavy and extra heavy oil located north of the Orinoco River in Venezuela, which is the world's largest source of liquid hydrocarbons reserves, covers an area of ​​55,314 km2 and an area of actual exploitation of 11,593 km2, located south of the states of Guarico, Anzoategui and Monagas.

How much oil does exist in the Orinoco Belt?

  • The Orinoco Oil Belt has reservations being exploited (with deposits drilled and in production) of more than 270 billion barrels, and a potential of 1.3 billion barrels, representing a large energy viability of strategic importance for the country and the South America region, ensuring the energy required for their development and for the rest of the world.

4 reservoirs of Venezuela

This large oil reserve was divided into 4 main areas, which are: Boyaca, Junin, Ayacucho, and Carabobo, and in turn segmented into 29 blocks of 500 km2 each and their exploitation will be done through contest of joint ventures, in which involved are some of the world's major oil companies, including companies from the U.S., China, Russia, France, Brazil, and others.