Venezuelan sands could dwarf Canadian reserves
Venezuela’s Orinoco Oil Belt could contain 513 billion barrels of technically recoverable heavy oil, double original estimates, according to a report released last week.
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
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