Thursday, May 8, 2008

Venezuela adds 30 billion barrels

Venezuela Says Proved Oil Reserves Rise to 130 Billion Barrels
By Steven Bodzin
May 8 (Bloomberg)

Venezuela has added 30 billion barrels of new proved crude oil reserves, bringing its total to 130 billion barrels, Oil and Energy Minister Rafael Ramirez told reporters today in Caracas.

Ramirez spoke at the opening ceremony of a meeting of South American energy ministers in Caracas.

Rumor has it that the petroleum engineer doing the proving was named Hugo Chavez. Interestingly, this comes on the heels of news that Brazil might surpass Venezuela as South America's biggest producer. 30 billion barrels is larger than Brazil's recent Tupi and Carioca finds combined.

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