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UNDERNEWS

Undernews is the online report of the Progressive Review, edited by Sam Smith, who covered Washington during all or part of ten of America's presidencies and who has edited alternative journals since 1964. The Review, which has been on the web since 1995, is now published from Freeport, Maine. We get over 5 million article visits a year. See prorev.com for full contents of our site

January 25, 2010

US GEOLOGICAL SURVEY SAYS VENEZUELA'S OIL SUPPLY IS BIG

US Geological Survey - An estimated 513 billion barrels of technically recoverable heavy oil are in Venezuela's Orinoco Oil Belt.

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 USGS conducted this assessment as part of a program directed at estimating the technically recoverable oil and gas resources of priority petroleum basins worldwide.




Proven Reserves in billions of barrels, Index Mundi


3 Comments:

Anonymous Anonymous said...

Watch your back, Hugo.

January 26, 2010 5:40 AM  
Anonymous Anonymous said...

Woo-hee! Let's elect Cheney prez so we can go get it!

January 27, 2010 12:22 AM  
Anonymous Frank Fredenburg said...

Maybe some planes will crash into buildings and Venezuela will be blamed for it! After all, it worked before! If you have a winning strategy, why not keep using it?

March 3, 2010 4:45 PM  

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