Reserves and Capacity
Venezuela has 77.5 billion barrels (1.232×1010 m3) of conventional oil reserves according to PDVSA figures, the largest in the Western Hemisphere and making up approximately half the total. This puts Venezuela as fifth in the world in proven reserves of conventional oil. By also including an estimated 235 billion barrels (3.74×1010 m3) of tar-like extra heavy crude oil in the Orinoco Belt region, Venezuela claims to hold the largest hydrocarbon reserves in the world. Venezuela also has 150 trillion cubic feet (4.2×1012 m3) of natural gas reserves.
PDVSA has a production capacity, including the strategic associations and operating agreements, of 4 million barrels (640,000 m3) per day (600,000 m³). Officials say production is around 3.3 million barrels per day (520,000 m3/d) although most secondary sources such as OPEC and the EIA put Venezuela's output at least 500,000 barrels per day (79,000 m3/d) lower.
Read more about this topic: PDVSA
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