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