Tag Archives: The Venezuelan oil industry

‘Venezuela Won’t Even Get to Exploit 5% of Its Oil Reserves’ – Marianela Palacios | Caracas Chronicles

Venezuela – Click to enlarge

Now that oil prices are recovering, Francisco Monaldi analyzes the truth of the nature and magnitude of what lies beneath the Faja del Orinoco (Orinoco Belt) and the historic use of fossil fuel to determine the role of oil in our future 

Marianela Palacios | Caracas Chronicles

IT IS TRUE THAT THERE ARE OVER ONE TRILLION OIL BARRELS IN THE VENEZUELAN SUBSOIL. That’s why Nicolás Maduro brags about the “world’s largest reserves”, although he adds that only a fraction of them are “proven” and exploitable; between 20 and 25 percent of the total amount: 300 billion barrels. But it is also true that, if things stay the way they are, most of it will remain underground forever. The carbon dioxide won’t be released into the atmosphere nor will that wealth be used.              Continue reading

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