Venezuela plays heavy-oil card

A decade ago, this vast region of eastern Venezuela called the Orinoco Belt was a backwater known for its expansive plains, ocher-colored soil and punishing heat.

Today, the region is a hotbed of development for many of the world’s largest energy companies and a source of conflict between those powerful firms and Venezuelan President Hugo Chavez.

The conflict centers on the sticky, extra-heavy oil that sits in sandy reservoirs several thousand feet below the surface. The tarlike substance was long believed to be of no commercial value.
Experts say much of the world’s traditional energy reserves are off limits to oil companies while countries ranging from Russia to Ecuador to Bolivia have become increasingly hostile to their presence.

With their options limited, international oil companies are increasingly looking to extract unconventional reserves.

But extracting heavy oil, which in the Orinoco has the consistency of chewing gum, is a difficult proposition requiring cutting-edge technology and massive investment.

Chicago Tribune