Venezuela It has the largest oil reserves in the world, which defy understanding due to their enormous size. To be precise, the Orinoco Oil Belt (OPF) – according to current data from the state oil company PDVSAwith proven reserves amounting to 300,878 million barrels– hosts the largest accumulation of crude oil on the entire planet.
The 'black gold', is located in the basin of the Orinoco Rivernot only exceeds the reserves of every other nation in the world, including Saudi Arabia but also to other countries that exceed its size, such as: Canada, USA, Russia either Brazil.
The FPO extends over approx 600 kilometers long and 70 kilometers wide, contains an estimate 1.2 billion barrels from Oil, more than that 270,000 million are considered refundable Jorge NavarroVice President of the Association of Spanish Petroleum Geologists and Geophysicists told El Economista.
The FPO stretches approximately 600 kilometers long and 70 kilometers wide and is estimated to contain 1.2 billion barrels of oil. Photo: @ZICVenezuela/X
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Which region in South America has more oil than all of Saudi Arabia?
The FPO It is also synonymous with great challenges. He heavy oil And extra heavy The predominant mineral in this region presents significant obstacles to its extraction, transportation and refining.
not how Light oilcheaper to produce and process FPO crude oil The use of advanced and expensive technologies requires. In order to mobilize these, methods such as steam injection and the use of diluents are essential viscous oilwhich increases production costs and limits its profitability in markets with low crude oil prices.
The location of the Orinoco Oil Belt (OPF). Photo: USGS
The situation is further complicated by political and economic factors. The Venezuelan oil industry has suffered from governance, international sanctions and a lack of investment in technology and maintenance. Although Venezuela has the largest crude oil reserves, its production capacity has declined dramatically in recent decades, reflecting the country's internal and external challenges.
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Venezuela has more oil than Saudi Arabia, but cannot capitalize on it
The paradox of Venezuela is palpable: a country with unrivaled energy resources, but unable to fully exploit its potential due to technological, economic and political obstacles. The FPO It symbolizes both Venezuela's promise and dilemma on the global energy stage.
Unlocking the true potential of FPO will require a combination of domestic policy reforms, international cooperation and technological advances.
The Orinoco oil belt is an example of Venezuela's wealth of natural resources and a reminder of the challenges facing the country. Photo: Latin Energy Supply
Despite the challenges, the… global interest alternative energy sources and the growing demand for oil suggest that the FPO will remain at the center of global energy discussions.
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For Venezuelathis area is not only a source of potential wealthbut also a chance to redefine its role in the world and move from crisis to a pillar of stability global energy.
What does the Orinoco oil belt look like in Venezuela?
The Orinoco heavy crude oil belt is an example of the wealth of natural resources Venezuela and a reminder of the challenges you face.
The strip stretches through the Venezuelan states Guárico, Anzoategui, Monagas, Delta Amacuro And Bolívar, covers an area of 55,314 square kilometers. More than live in this region 270 million barrels of heavy crude oil and extra heavywhich corresponds to 20% of the world's proven reserves, which is equivalent to a quarter of the reserves of the member countries of OPEC, the main organization of oil-producing nations.
The countries with the largest oil reserves in the world. Photo: Merca2.0
According to estimates by PDVSA, The potential production capacity of this area could sustain production of 3 million barrels per day for 300 years through the construction of 10,808 oil wells and 282 concurrently operated drilling rigs, supported by 2,470 kilometers of oil pipelines.
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How many wells are there in the Orinoco belt?
Oil exploration in this area began in 1936but it was during the presidency of Hugo Chavez that the certification of reserves has begun, a process that resulted in the nationalization of the sector in 2007 and the subsequent allocation of blocks to international companies such as B. culminated Chevron, Rosneft, Total Energies, Eni and Repsol. These international collaborations enabled the development of two crude oil processing plants in the region.
According to PDVSA estimates, the potential production capacity of this area could sustain production of 3 million barrels per day for 300 years. Photo: International Institute for Sustainable Development
The economic crisis and the withdrawal of investments have reduced production capacity Venezuela, which represents a move away from the 3 million barrels per day target. August reports from secondary sources OPEC, including S&P Global, Argus Media, Energy Intelligence Group, IHS-Markit, and that International Energy Agencyreported PDVSA production of 723,000 barrels per day, more than half of which came from the region Orinoco Belt.
The belt currently has 61 operating fields and 2,606 active wells, which is why it is considered the largest heavy and heavy oil reservoir on the entire planet.
Venezuela: the country with the largest gold reserves in Latin America
The latest report from Trading Economics showed that Venezuela ranks first with the largest gold reserves in Latin America and its central bank has about 100,000 gold reserves 161 tons of gold. Compared to regional neighbors such as Brazil and Mexico (130 and 120 tons respectively) puts the country in a significant position, taking second place on the American continent after the United States.
Although the reserves of Venezuela Although the country has not changed significantly since the second quarter of 2020, it maintains an enviable position due to its location large accumulation of gold, This remains an essential asset for the central bank as it symbolizes the stability and confidence of the country. Business.
Largest gold mines in the world
The largest source of gold in the world was the basin ofWitwatersrand in South Africa, which accounts for about 30% of all gold mined. Other important sources of gold include the Mponeng mine in the same country and the Super Pit and Newmont Boddington mines in Australia; The Grasberg mine in Indonesia and the mines in the state of Nevada in the United States.
When we talk about companies,Gold mines in NevadaMajority owned by the Canadian company Barrick Gold, is the largest gold mining complex in the world, producing around 3.5 million ounces per year.
What is the second largest oil producer in South America?
The second largest oil producer in South America is Brazil. Despite the economic and political difficulties that the country has faced in recent years, Venezuela ranks first in the region in terms of oil production. Brazil has significantly increased its oil production in the last decade, particularly due to the development of deepwater and ultradeepwater oil fields in the Santos Basin, such as the Lula field (formerly known as Tupi).