Venezuela oil 'may double Saudis'

Venezuela oil 'may double Saudis'

A new US assessment of Venezuela's oil reserves could give the country double the supplies of Saudi Arabia.

Scientists working for the US Geological Survey say Venezuela's Orinoco belt region holds twice as much petroleum as previously thought.

The geologists estimate the area could yield more than 500bn barrels of crude oil.

This assessment is far more optimistic than even the best case scenario put forward by President Hugo Chavez.

The USGS team gave a mean estimate of 513bn barrels of "technically recoverable" oil in the Orinoco belt.

Chris Schenk of the USGS said the estimate was based on oil recovery rates of 40% to 45%.

Petroleos de Venezuela SA (PDVSA), Venezuela's state oil company, has not commented on the news.

However, Venezuelan oil geologist and former PDVSA board member Gustavo Coronel was sceptical.

"I doubt the recovery factor could go much higher than 25% and much of that oil would not be economic to produce", he told Associated Press news agency.

Venezuela holds the largest oil reserves outside the Middle East. Saudi Arabia has proven reserves of 260bn barrels.
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Anybody See This?

questionable logic

I think that's a bit of a stretch even for Chavez. Although I'm prepared to believe almost anything in the new Orwellian era, this is a little too far-fetched.
Here's an article from 2005 that lends credence to the fact that the area is earthquake prone.

Having said that, I won't be surprised to see a permanent military presence established in Haiti.

nullius in verba.

Fifth Largest Embassy

Oil is popping up everywhere this week- even in Haiti:
From Cynthia McKinney:

3. U.S. construction of its fifth-largest embassy in the world in Port-au-Prince, Haiti;
4. Mining and port licenses and contracts, including the privatization of Haiti's deep water ports, because certain off-shore oil and transshipment arrangements would not be possible inside the U.S. for environmental and other considerations; and...