Venezuela had 211 bln bbls proven reserves end-2009
CARACAS, March 18 (Reuters) - OPEC member Venezuela said on Thursday its proven crude reserves had risen 22.5 percent during 2009 to close the year at 211.17 billion barrels.
The South American nation's reserves were 172.32 billion barrels at the end of 2008, according to Oil Ministry figures published in the government's official gazette.
The ministry, which has for the past three years been carrying out a plan to fully quantify reserves in the vast Orinoco Belt, is hoping to have 300 billion barrels proven by next year.
The U.S. Geological Survey estimated earlier this year the Orinoco region contains about 513 billion barrels of crude that could technically be recovered by energy companies if costs were not an issue. (Reporting by Marianna Parraga; Writing by Andrew Cawthorne; Editing by Marguerita Choy)
Source: http://www.reuters.com/article/idUSN1824884120100318
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