Venezuelan sands could dwarf Canadian reserves

The US Geological Survey (USGS), a US federal source of information on global natural resources, said the area contains one of the world’s largest recoverable oil accumulations.

Recovering a high percentage of such resources, however, would depend on the available drilling technology, according to a report released on Friday (January 22). The USGS estimated a minimum to medium recovery factor of between 15% and 45%, depending on whether horizontal drilling and thermal recovery methods are widely