Venezuela’s proven reserves are now the biggest
Venezuela now holds the largest proven oil reserves in
the world, overtaking Saudi Arabia, according to BP.
The country’s deposits were at 296.5 billion barrels at
the end of last year, surpassing Saudi Arabia’s 265.4 billion barrels, BP said
yesterday in its annual Statistical Review of World Energy. The 2010 estimate
for Venezuela was revised to the same amount, up from 211.2 billion in the
previous report.
One reason for the revisions was that the company
published its report in June, before most governments issue their annual
reserves figures, said Robert Wine, a BP spokesman. Last year’s record average
oil price also had an effect, increasing the commercial viability of
hard-to-reach deposits, he said.
Venezuelan reserves account for 17.9 percent of the
global total, with Saudi Arabia’s share at 16.1 percent. Canada ranks third with
10.6 percent of the worldwide total. – Bloomberg
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