Venezuelan oil reserves will be world’s largest by 2009

Venezuelan President Hugo Chavez has said that by the end of 2009, the country will have 313 billion barrels of certified oil reserves, the largest in the world, Spanish news agency EFE reported on Saturday.

Chavez told lawmakers on Friday that the country’s oil reserves stand at 100 billion barrels, including 20 billion “certified in the last two years through a strict international process”.


Chavez said when he took office in 1999, the country had 76 billion barrels of proven reserves.

With the projected 313 billion barrels in reserves, he said, Venezuela could “guarantee energy supply to many countries”.

NDTV