Venezuela May Rival Canada Oil Sands as Chavez Seeks Investors

Venezuela’s heavy oil deposits may rival Canada’s tar sands as a source of crude to meet rising global demand should President Hugo Chavez convince foreign companies that their investments are secure in the country.

Venezuela needs $200 billion to develop the heavy oil reserves in the Faja region, Ali Moshiri, head of Chevron Corp.’s Latin American exploration and production unit, said at a conference in Caracas last night. Heavy oil production could jump fivefold to as much as 3 million barrels a day, Moshiri said.

Bloomberg