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| Version 1 | Version 2 |
|---|---|
| Venezuela oil 'may double Saudis' | Venezuela oil 'may double Saudis' |
| (3 days later) | |
| A new US assessment of Venezuela's oil reserves could give the country double the supplies of Saudi Arabia. | A new US assessment of Venezuela's oil reserves could give the country double the supplies of Saudi Arabia. |
| Scientists working for the US Geological Survey say Venezuela's Orinoco belt region holds twice as much petroleum as previously thought. | Scientists working for the US Geological Survey say Venezuela's Orinoco belt region holds twice as much petroleum as previously thought. |
| The geologists estimate the area could yield more than 500bn barrels of crude oil. | The geologists estimate the area could yield more than 500bn barrels of crude oil. |
| This assessment is far more optimistic than even the best case scenario put forward by President Hugo Chavez. | This assessment is far more optimistic than even the best case scenario put forward by President Hugo Chavez. |
| The USGS team gave a mean estimate of 513bn barrels of "technically recoverable" oil in the Orinoco belt. | The USGS team gave a mean estimate of 513bn barrels of "technically recoverable" oil in the Orinoco belt. |
| Chris Schenk of the USGS said the estimate was based on oil recovery rates of 40% to 45%. | Chris Schenk of the USGS said the estimate was based on oil recovery rates of 40% to 45%. |
| Petroleos de Venezuela SA (PDVSA), Venezuela's state oil company, has not commented on the news. | Petroleos de Venezuela SA (PDVSA), Venezuela's state oil company, has not commented on the news. |
| However, Venezuelan oil geologist and former PDVSA board member Gustavo Coronel was sceptical. | However, Venezuelan oil geologist and former PDVSA board member Gustavo Coronel was sceptical. |
| "I doubt the recovery factor could go much higher than 25% and much of that oil would not be economic to produce", he told Associated Press news agency. | "I doubt the recovery factor could go much higher than 25% and much of that oil would not be economic to produce", he told Associated Press news agency. |
| Venezuela holds the largest oil reserves of any Opec country outside the Middle East. Saudi Arabia has proven reserves of 260bn barrels. |