Biggest oil reserves on the planet? Venezuela starts certifying Orinoco belt...
By Karl Heilman
11 Aug 2006 at 11:55 AM

Venezuela on Thursday began certifying around 235 billion barrels of crude reserves in the vast Orinoco Belt as part of an effort Venezuela says will give it the planet's largest oil supply. Venezuela, the world's No. 5 oil exporter, hopes the process will give a massive boost to its reserves at a time when spiraling energy prices have left oil companies scouring the globe for black gold.

"We are sure that we will incorporate 235 billion barrels of oil to our booked reserves," Energy Minister Rafael Ramirez said during a ceremony to celebrate the opening of the certification campaign in eastern Venezuela.

"Thanks to this effort, Venezuela will become the country with the largest reserves on the planet," he said.

Click here for RI coverage on Venezuela.

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