Venezuela’s oil reserves swell to 130 bln barrels

CARACAS (AFP) – Venezuela’s proven crude oil reserves had swelled to 130 billion barrels as of late April, marking a rise of 30 billion from its prior estimate, energy and oil minister Rafael Ramirez said Thursday.

Ramirez, who also runs Venezuela’s state oil giant Petroleos de Venezuela SA (PDVSA), made the announcement at a regional energy summit as world oil prices continued to strike record highs.



“As of April 2008 we have increased by 30 billion barrels of oil our additional proven crude reserves” north of the Orinoco River, Ramirez said.

The energy minister said the South American state, which is a key member of the Organization of the Petroleum Exporting Countries (OPEC), hopes to have its proven oil reserves certified at 235 billion barrels by 2009.

Venezuela’s new estimate of oil reserves puts the country in second place behind oil-rich Saudia Arabia in the league of countries controlling the world’s biggest reserves.

AFP