Venezuela Needs to Invest $200 Billion For Heavy-Oil Reserves

Venezuela will need to spend $200 billion to fully develop its heavy oil reserves, among the largest in the Western Hemisphere, according to Chevron Corp.

The country also will have to construct about 30 refineries, upgrading plants, to increase heavy oil production by 2.5 million barrels to 3 million barrels a day, Ali Moshiri, who heads the company’s Latin American exploration and production unit, told reporters today at an energy conference in Caracas. Current heavy oil output is about 600,000 barrels a day in Venezuela, the world’s fifth-largest oil exporter.

Bloomberg