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Excerpts from the Remarks of Celestino Armas

Abstract:
Allow me to briefly review Venezuela's existing energy potential. Our conventional crude oil reserves stand at 59 billion barrels, while our reserves of extra-heavy oil and natural bitumens are in the order of 260 billion barrels. At its present production rate, Venezuela holds conventional oil reserves for 94 years, while the life-span of its non-conventional crude resources is 360 years.

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DOI: 10.5547/ISSN0195-6574-EJ-Vol11-No1-5


Published in Volume 11, Number 1 of The Quarterly Journal of the IAEE's Energy Economics Education Foundation.