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Venezuela to have largest oil reserves in the world

 Venezuela to have largest oil reserves in the world

Venezuelan President Hugo Chavez says his country will have the largest amount of proven oil reserves in the world by the end of 2009.

Pt Chavez told lawmakers earlier this weekthat Venezuela's certified oil reserves will stand at 313 billion barrels by the end of 2009 which could 'guarantee energy supplies to many countries'.

Chavez said Venezuela's oil reserves currently stand at 100 billion barrels, adding that the Latin American country had 76 billion barrels of proven reserves when he took office in 1999.

Venezuela is the world's fifth largest oil exporter which supplies crude oil to several Caribbean countries under the president's PetroCaribe initiative.

The country's main petroleum deposits are located in the vicinity of the Orinoco River and also Lake Maracaibo in the Gulf of Venezuela.

Estimates suggest the Orinoco River alone may have up to 235 billion barrels of heavy crude.


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