A Barrel Full

My last post was on the potential of Venezuela’s heavy oil reserves. As if by magic, almost immediately we have news of a major new development. ENI and PDVSA are to form a Joint Venture to exploit a major heavy oil field.
Under the terms of the agreement, which will be finalized in the next 60 […]

In a move likely to cause sleepless nights in Caracus, The U.S. Geological Survey has reassessed the size of recoverable reserves in Venezuela’s Orinoco Belt, and pronounced them much bigger than before.
The U.S. Geological Survey estimated a mean volume of 513 billion barrels of technically recoverable heavy oil in the Orinoco Oil Belt Assessment Unit […]

Lots more gas in the news. First we have news of a new LNG plant coming on stream.
Total announces that the Yemen LNG liquefaction plant started producing Liquefied Natural Gas (LNG) on October 15, 2009.  
This adds to the global glut of gas that is keeping prices down. It is a massive investment for the […]