::Venezuela, Owner's Largest Oil Reserves>>

Go Finance Report - Venezuela said, has taken over the position of Saudi Arabia as a country that has the largest oil reserves in the world. Countries bordering the Caribbean Sea is claimed to have the largest crude oil reserves, namely about 300 billion barrels.

"At the end of 2010, we have 217 billion barrels of oil. Earlier this year, we were able to certify 297 billion barrels, "said Venezuelan Oil Minister Rafael Ramirez said.

As a comparison, based on data from the Organization of Petroleum Exporting Countries (OPEC), the world's largest oil producer, Saudi Arabia, currently has 266 billion barrels of crude oil.

Venezuela, known as a leading oil exporter in Latin America has been claimed continued increase in proven oil reserves in recent years. These claims include 23 percent increase in oil reserves last year, mainly due to oil in the Orinoco Belt certification. Venezuelan President Hugo Chavez hailed the new figures are fantastic from the country's oil reserves. According to him, the number of fossil energy sources that will ensure long-term energy sustainability Venezuela.

"With these reserves to the present and the speed of our operation, Venezuela has enough oil for 200 years. There is no country on this planet who has oil for 200 years, "said Chavez.

Currently, the official Spanish-speaking country is producing about three million barrels of crude per day. Of these only 2.3 million barrels that is committed to OPEC. According to the International Energy Agency, Venezuela is the eighth largest oil producer in the world.

Total crude oil reserves of this country's new management company managed the state-owned oil giant, Petroleos de Venezuela since 2007. The company has mastered at least a 60 percent stake in all projects in line with the nationalization of Venezuela's oil company from foreign hands.

Ramirez said the total reserves, including 220 billion barrels of oil in the Orinoco Belt serves as a resource base and solid foundation for all additional plans. Orinoco Belt has an area of 55,314 km2 and is located in eastern Venezuela. United States Geological Survey (U.S.) last year estimated there are 513 billion barrels of "heavy oil are technically recoverable" in the Orinoco Belt.

However, experts believe the exploitation of the region expensive cost of having to take the extract and refine heavy and extra heavy oil in the area. (GoFinance)