Oil America, Inc.
Since the start of the oil rush in Titusville, PA, to the late nineteenth century, the world has produced about 1-trillion barrels of oil; during the 21st century it is estimated to be required to produce approximately 2-trillion barrels, stated Germán Chacin, CEO of oil America, when asked by the editors of this website about the prospects for global oil demand and participation of Venezuela in that scenario.
From where will that oil demand come from?
-In addition to the large oil reserves of the Middle East, evaluated about 680-million barrels, the other resources are concentrated in the Orinoco Oil Belt in Venezuela, in Canada's bitumen and in oil shale in the United States, considered latter two unconventional hydrocarbons.
What is the Orinoco Oil Belt?
How much oil does exist in the Orinoco Belt?
This large oil reserve was divided into 4 main areas, which are: Boyaca, Junin, Ayacucho, and Carabobo, and in turn segmented into 29 blocks of 500 km2 each and their exploitation will be done through contest of joint ventures, in which involved are some of the world's major oil companies, including companies from the U.S., China, Russia, France, Brazil, and others.