BP: Venezuela now holds largest oil reserves

Venezuela surpassed Saudi Arabia to become the world’s largest holder of proven oil reserves. The South American country’s deposits were at 296.5 billion barrels at the end of last year, data from BP Plc (BP/) show. Saudi Arabia held 265.4 billion barrels, BP said yesterday in its annual Statistical Review of World Energy. The 2010 estimate for Venezuela increased from 211.2 billion in the previous report. Chavez wants to more than double the country’s oil- production capacity to 6 million barrels a day by 2019. Venezuela now holds 18 percent of the world’s reserves, Saudi-Arabia 16%, Canada 11% and Russia 5%, according to BP data.

[Bloomberg]

Note: Bloomberg ignores the concept of EROI, although they hint that not all is as it seems: “Venezuela’s deposits may be difficult to extract… People still know that a lot of that is very hard to develop and is not as readily accessible the way Saudi reserves are… It’s the same with Canadian oil sands.“. For us Saudi-Arabia remains oil territory #1, not Venezuela.

[petroleum-economist.com]

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