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Excerpts from the Remarks of Celestino Armas

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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JEL Codes: Q38: Nonrenewable Resources and Conservation: Government Policy, Q40: Energy: General, Q42: Alternative Energy Sources, Q35: Hydrocarbon Resources, Q20: Renewable Resources and Conservation: General, L71: Mining, Extraction, and Refining: Hydrocarbon Fuels, Q21: Renewable Resources and Conservation: Demand and Supply; Prices

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

Published in Volume 11, Number 1 of the bi-monthly journal of the IAEE's Energy Economics Education Foundation.


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