Venezuela Ratifies as World Hydrocarbon Reserve Leader

Venezuela will carry out research to quantify and certify reserves at the Orinoco oil belt to confirm its place as the largest hydrocarbon reserve of the world, local authorities informed Sunday.

State-run Petroleos de Venezuela (PDVSA) indicated the zone is thought to keep 78 billion barrels in light crude reserves and 253 billion barrels of heavy and extra-heavy crude oil.