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USGS: Venezuela Oil Field Dwarfs Saudi Arabia Reserves
IsraelNN.com ^ | 01/24/10, 11:08 AM | Hana Levi Julian

Posted on 03/19/2010 5:37:42 PM PDT by Ernest_at_the_Beach

IsraelNN.com) Scientists at the U.S. Geological Survey announced Friday that approximately 513 billion barrels of “technically recoverable” oil were found in the Orinoco belt region of Venezuela – twice as much as previously believed.

Outside the Middle East, the largest oil reserves in the world exist in Venezuela.  The Orinoco region spans a 50,000-square-kilometer (19,305-square-mile) area in the eastern portion of the country. Nearly 20 foreign oil companies hold contracts there, according to the Latin American Herald Tribune.

The USGS estimate outstrips the best-case scenario presented by Venezuelan President Hugo Chavez, and equals about double the supplies in Saudi Arabia, which owns a proven reserve of 260 billion barrels.

Chavez, a close associate of Iranian President Mahmoud Ahmadinejad, took the opportunity last January during Israel's counterterrorism Operation Cast Lead to cut Venezuela's long-standing diplomatic ties with the Jewish State. He is also deeply critical of the United States.

Venezuelan oil geologist Gustavo Coronel, a former board member of Petroleos de Venezuela SA (PDVSA), the country’s state oil company, tried to play down the importance of the discovery. He told the Associated Press that the U.S. estimate was too high, saying, “I doubt the recovery factor could go much higher than 25 percent, and much of that oil would not be economic to produce.” PDVSA has estimated the area contains a total of 1.3 trillion barrels of oil – but only 280 billion are actually recoverable - compared with the 45% estimated as recoverable by the USGS.

(Excerpt) Read more at israelnationalnews.com ...


TOPICS: Business/Economy; Extended News; News/Current Events
KEYWORDS: energy; venezuela
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To: La Lydia
I don’t understand why OUR U.S. Geological Survey is spending money to assess this oil field for Hugo Chavez

Building a case is what it's called in DC

21 posted on 03/19/2010 6:08:09 PM PDT by Regulator (Welcome to Zimbabwe! Now hand over your property....)
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To: Regulator

Building a case for what?


22 posted on 03/19/2010 6:23:32 PM PDT by La Lydia
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To: La Lydia

To take it back to where it flowed away from.


23 posted on 03/19/2010 6:26:16 PM PDT by RedhairRedhair (I STILL love my (scab made) Toyota)
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To: RedhairRedhair

That makes even less sense.


24 posted on 03/19/2010 6:27:37 PM PDT by La Lydia
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To: RC one
We have 250 billion tons of coal (equal to 800 million barrels) but 5-7 years to build a 600-700 million dollar coal to liquid plant, about that long again to permit it, volatility in oil prices...... not gonna happen soon.
25 posted on 03/19/2010 6:40:56 PM PDT by RedhairRedhair (I STILL love my (scab made) Toyota)
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To: La Lydia
You need to assess what other countries have for defense reasons. It gives you a idea of what assets that other countries have to use during a war. Be it reserves or monetary value.
26 posted on 03/19/2010 6:51:50 PM PDT by jimpick
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To: RedhairRedhair

I believe that these plants also need to be refitted in about 5 years because of the caustic nature of the process.


27 posted on 03/19/2010 6:53:32 PM PDT by jimpick
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To: Ernest_at_the_Beach
Peak oil my ASS.

Cheers!

28 posted on 03/19/2010 6:58:36 PM PDT by grey_whiskers (The opinions are solely those of the author and are subject to change without notice.)
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To: RedhairRedhair

Well then, maybe if we ask him real nice, Hugo will use some KY on us.


29 posted on 03/19/2010 7:47:18 PM PDT by RC one (WHAT!!!!)
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To: Ernest_at_the_Beach

“....513 billion barrels of “technically recoverable” oil were found in the Orinoco belt region of Venezuela – twice as much as previously believed.”

.
Egad, the age of cheap oil is over. Nothing but dry holes from now on.


30 posted on 03/19/2010 7:52:47 PM PDT by 353FMG (What can Islam possibly contribute to the West other than its destruction?)
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To: Nitro

Careful, if “we” took it over, our “greenies” would never let “us” pump it up. Much better to leave it in the hands of a practical cadre who would exploit the find.


31 posted on 03/19/2010 9:09:59 PM PDT by GregoryFul
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To: Nitro

Shoot... Just take Trinidad and do some directional drilling.


32 posted on 03/19/2010 9:14:18 PM PDT by Lando Lincoln (Reconciliation will happen this November!)
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To: Ernest_at_the_Beach

“but only 280 billion are actually recoverable - “

or, ab about 20 trillion dollars at $100 a barrel ...


33 posted on 03/19/2010 9:16:31 PM PDT by ColdWater ("The theory of evolution really has no bearing on what I'm trying to accomplish with FR anyway. ")
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To: La Lydia; RedhairRedhair
So we'll spell it out for you.

First you push some propaganda that gets the ball rolling..."lots of oil there"...Unspoken: lots more than a third rate ranting dictator should control

Then you start coming up with "problems"....like Cuban operatives running the government for said third rate ranting dictator

Then you come up with a violent provocation: like his gunboats sink one of your oil companies ships or something similar (think Turner Joy).

Then you send in the F-18's to "secure the safety of our ships".

Ranting dictator retaliates.

You retaliate twice as hard. Maybe 10 times as hard.

A little luck, no more ranting dictator.

The good guys get the oil, Venezuelan wives get to shop in Me-Am-Ee with oil cash, and everyone happy.

Except Sr. Ranting Dictator.

But we don't care about him. Anymore.

Similar events recently in well known Middle Eastern country...dictator gone, oil flowing now, people less stressed

34 posted on 03/19/2010 9:52:40 PM PDT by Regulator (Welcome to Zimbabwe! Now hand over your property....)
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To: Regulator

Sounds like a plan for improvement .


35 posted on 03/19/2010 10:21:32 PM PDT by Ernest_at_the_Beach ( Support Geert Wilders)
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To: GregoryFul

I saw something online about wind-farms...

this is not, repeat not, a fact...

but, it said...

wind farms generate more heat due to various frictions...

then they could cool by generating electricity to power an A/C.

Not to mention interrupting virgin airflow...

ie..., a wind farm would do more harm than good.


36 posted on 03/19/2010 10:24:20 PM PDT by Nitro
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To: Lando Lincoln
Shoot... Just take Trinidad and do some directional drilling.

Don't forget, if you take Trinidad...

you are going to have Tobago breathing down your neck!!

37 posted on 03/19/2010 10:28:55 PM PDT by Nitro
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To: hinckley buzzard; All

So which president failed to make sure that Venezuela was on our side? Also I understand that their Maricaibo crude is high sulfur, is the Orinoco crude any better?


38 posted on 03/19/2010 10:30:20 PM PDT by gleeaikin
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To: Ernest_at_the_Beach
“technically recoverable”

It all depends on who is recovering it.

With Hugo running the show, that sh*t ain't goin' nowhere.

39 posted on 03/19/2010 10:39:49 PM PDT by uglybiker (BACON!!)
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To: ElectronVolt

“We don’t seem to have the desire to drill for it.”

Oh but we do, it is just that most people are too prone to fall asleep and let the envioros and courts dictate our future.


40 posted on 03/20/2010 4:05:15 AM PDT by PIF
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