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Graeme
Fission
Joined: Mar 04, 2005
Posts: 2567
Location: New Zealand
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 Posted: Thu May 08, 2008 5:23 pm Post subject: Venezuela's oil reserves swell to 130 bln barrels |
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Venezuela's oil reserves swell to 130 bln barrels
| Quote: | Venezuela's proven crude oil reserves had swelled to 130 billion barrels as of late April, marking a rise of 30 billion from its prior estimate, energy and oil minister Rafael Ramirez said Thursday.
The energy minister said the South American state, which is a key member of the Organization of the Petroleum Exporting Countries (OPEC), hopes to have its proven oil reserves certified at 235 billion barrels by 2009. |
yahoo
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Fatih Birol's motto: leave oil before it leaves us. |
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TheDude
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Joined: Apr 06, 2006
Posts: 2953
Location: 3 miles NW of Champoeg, Republic of Cascadia
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| Posted: Thu May 08, 2008 5:43 pm Post subject: Re: Venezuela's oil reserves swell to 130 bln barrels |
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Cogito, ergo non satis bibivi
I'm just gonna find a cash machine. |
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Hagakure_Leofman
Heavy Crude
Joined: Jan 02, 2008
Posts: 403
Location: out dispatching ronan...
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| Posted: Thu May 08, 2008 5:59 pm Post subject: Re: Venezuela's oil reserves swell to 130 bln barrels |
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| We're Saaaaaaaaaved! |
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seahorse
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Joined: Oct 15, 2004
Posts: 2082
Location: Arkansas
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| Posted: Thu May 08, 2008 6:00 pm Post subject: Re: Venezuela's oil reserves swell to 130 bln barrels |
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| All this oil but their production keeps dropping? Maybe that's why the US just reactivated its 4th Fleet, to get their oil out of the ground or keep the Chinese from pumping it. |
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Ferretlover
Moderator
Joined: Jun 13, 2007
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Location: Minniesotuh
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| Posted: Thu May 08, 2008 6:27 pm Post subject: Re: Venezuela's oil reserves swell to 130 bln barrels |
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[quote="Graeme"]Venezuela's oil reserves swell to 130 bln barrels
Everybody hoards something.
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sicophiliac
Heavy Crude
Joined: Jun 28, 2005
Posts: 330
Location: san jose CA
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| Posted: Thu May 08, 2008 6:29 pm Post subject: Re: Venezuela's oil reserves swell to 130 bln barrels |
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| Yeah its probably all heavy tar oil from their Orinoco tar sands. They might have 300 billion barrels of recoverable oil there but what will it net ? a few million barrels a day for the next 100 years? |
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Twilight
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Joined: Mar 02, 2007
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Location: UK
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mos6507
Fusion
Joined: Aug 03, 2007
Posts: 3113
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| Posted: Thu May 08, 2008 6:40 pm Post subject: Re: Venezuela's oil reserves swell to 130 bln barrels |
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| seahorse wrote: |
Maybe that's why the US just reactivated its 4th Fleet, to get their oil out of the ground or keep the Chinese from pumping it.
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My gosh, you're really on to something! Please lay out the future for us, Nostradamus. |
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pana_burda
Heavy Crude
Joined: Sep 11, 2007
Posts: 316
Location: In freefall speed right down to the claws of the devil
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| Posted: Thu May 08, 2008 7:09 pm Post subject: Re: Venezuela's oil reserves swell to 130 bln barrels |
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Suuure ........ don´t miss it!
http://es.youtube.com/watch?v=YACRdgj_A_M
By the end of the show, another couple of hundred thousands of barrels will be added up to the reserves ....... of bullshit yet, under the red berett of the magic prick, this time around! |
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seahorse
Expert
Joined: Oct 15, 2004
Posts: 2082
Location: Arkansas
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| Posted: Thu May 08, 2008 9:11 pm Post subject: Re: Venezuela's oil reserves swell to 130 bln barrels |
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| Quote: | | My gosh, you're really on to something! Please lay out the future for us, Nostradamus. |
Hmmmm, ok, let's see, my crystal ball says that Oilfinder will find more oil out there in the deep waters. How's that? Or how about this:
I predict Cid will post some more war news;
I predict AP will continue to deny 9-11 was an inside job;
I predict the "would you have sex with your double thread" will continue to attract posters like flies to crap;
I predict that golem the troubador will continue our march to 2012;
I predict that you will continue to post here and even respond to this post of mine. |
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OilFinder2
Light Sweet Crude
Joined: Mar 26, 2008
Posts: 1028
Location: Seattle
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| Posted: Thu May 08, 2008 9:50 pm Post subject: Re: Venezuela's oil reserves swell to 130 bln barrels |
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| sicophiliac wrote: | | Yeah its probably all heavy tar oil from their Orinoco tar sands. |
Correct:
LINK
| Quote: | | "As of April 2008 we have increased by 30 billion barrels of oil our additional proven crude reserves" north of the Orinoco River, Ramirez said. |
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Troyboy1208
Intermediate Crude
Joined: Apr 26, 2006
Posts: 504
Location: Orlando FL
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| Posted: Thu May 08, 2008 10:33 pm Post subject: Re: Venezuela's oil reserves swell to 130 bln barrels |
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| Wow seahorse...right on que here comes oilfinder2 |
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OilFinder2
Light Sweet Crude
Joined: Mar 26, 2008
Posts: 1028
Location: Seattle
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| Posted: Thu May 08, 2008 10:40 pm Post subject: Re: Venezuela's oil reserves swell to 130 bln barrels |
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| Troyboy1208 wrote: | | Wow seahorse...right on que here comes oilfinder2 |
Yeah but this time I wasn't finding oil in deep waters, I was just confirming what someone else said.  So he didn't really guess right. So much for Nostradamus. 
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Abundance - what a concept! |
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OilFinder2
Light Sweet Crude
Joined: Mar 26, 2008
Posts: 1028
Location: Seattle
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| Posted: Fri May 09, 2008 9:38 pm Post subject: Re: Venezuela's oil reserves swell to 130 bln barrels |
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Now this is interesting. This magical jump in reserves isn't at the whimsy of Chavez, most of it is actually increases in reserves booked by foreign firms. EDIT: Or at least in partnership with foreign firms.
--> LINK <--
| Quote: | The new proven oil reserves were added under the Orinoco belt Magna Reserva project. Certification of oil reserves under this project began in 2006. Ever since then crude oil reserves at 26.2 billion barrels have been certified in Carabobo oilfield, where assessment has been partly conducted by Brazilian oil company Petrobras. Other 12.9 billion barrels have been certified in Jun-in 4 Block by Chinese CNPC, while Iranian Petro pars has certified 2.9 billion barrels from Ayacucho 7 Block and Venezuelan joint ventures Petroc edeno, Petro piar, and Petro monagas have assessed 8 billion barrels. A part of these reserves was recorded in books last year.
A total of 21 foreign oil companies have worked in the assessment and certification of oil reserves from the Orinoco belt. Five of those corporations come from countries that are parties to the Union of South American Nations (Unasur), namely Chilean Enap, Brazilian Petrobras, Argentinean Enarsa, Ecuadorian Petroecuador and Uruguayan Ancap.
By the end of 2008, Venezuela is expected to record proven oil reserves at 200 billion barrels in books, with the number increasing to 235 billion barrels in 2009. |
Canada did this several years ago with its oil sands, I s'pose we should have expected Venezuela to do the same thing eventually.
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Abundance - what a concept!
Last edited by OilFinder2 on Fri May 09, 2008 9:56 pm; edited 1 time in total |
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OilFinder2
Light Sweet Crude
Joined: Mar 26, 2008
Posts: 1028
Location: Seattle
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| Posted: Fri May 09, 2008 9:55 pm Post subject: Re: Venezuela's oil reserves swell to 130 bln barrels |
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And from the DOE. Looks like this isn't actually anything surprising.
--> DOE Venezuela oil profile <--
| Quote: | Venezuela plans to aggressively develop the Orinoco Belt oil resources in the coming years. PdVSA has begun a reserves certification program to increase the amount of proven oil reserves held by the country. The program, dubbed “Magna Reserva,” includes seismic studies conducted by their company and several foreign partners in 27 blocks, and it is the first step towards more aggressive development of the Orinoco Belt reserves: companies that participate in the Magna Reserva will likely be the first considered for new upstream developments. PdVSA has teamed almost exclusively with foreign national oil companies for the program, including Petrobras (Brazil), Petropars (Iran), CNPC (China), and ONGC (India). In total, PdVSA estimated that the program could certify up to 260 billion barrels of total oil in place, though proven reserves would likely amount to no more than 20 percent (52 billion) of this total.
The certification program has begun to yield some concrete project proposals. In 2006, Petrobras (40 percent) and PdVSA (60 percent) established a joint venture to develop the Carabobo I block, which Petrobras is exploring as part of the Magna Reserva program. The project would initially produce 20,000 bbl/d of extra-heavy crude oil, peaking at 200,000 bbl/d. An offsite upgrader would further process the crude oil into lighter syncrude. According to media reports, the project has an estimated 28.6 billion barrels of oil in place, with an expected recovery rate of 20 percent. Production at the field could begin by 2009. |
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Abundance - what a concept! |
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