Venezuela books 10.251 bn barrels more in oil reserves

Oct 30, 2008 01:00 AM

Venezuela said it was adding 10.251 bn barrels of crude to its national reserves as part of an ongoing review of its hydrocarbon reserves.
With this increase, the oil-rich country's total reserves now amount to 152.561 bn, making Venezuela the country with the second largest crude reserves, the Venezuelan oil ministry said.

Petroleos de Venezuela, PdVSA, booked the new reserves from the Iguana Zuata field in the Junin 2 block, located in the state of Guarico. The company has also added 826.553 bn cf of gas to its natural gas reserves.
Venezuela began a review of its hydrocarbon reserves in 2006 under the Orinoco Magna Reserva Socialist Project, meant to quantify extra-heavy crude reserves in the Orinoco basin.

Source / Dow Jones Newswires
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