Venezuela’s Certified Oil Reserves Increase By 30%

This Monday, the president of the Bolivarian Republic of Venezuela, Nicolás Maduro, announced a significant increase in the country’s certified oil reserves. On the 83rd edition of his program Con Maduro+, the president reported that these reserves have increased by 30% compared to previously certified levels, consolidating Venezuela’s position as a global energy power.

The announcement came after the Bolivarian Government’s participation in the St. Petersburg International Economic Forum. At this crucial event, Venezuela took the opportunity to highlight its vast energy capacity. The country also explained its strong alliance with Russia and influential OPEC+ members, demonstrating a united front in the global energy landscape. This strategic collaboration strengthens Venezuela’s position in the global market and promotes stability in crude oil prices.

The head of state emphasized his administration’s ongoing efforts to attract foreign investment. “We continue working to attract investment, which we are attracting in the development of Venezuela’s hydrocarbons, attracting very strong investments in the oil blocks,” Maduro stated.

This indicates a proactive approach to expanding oil infrastructure and modernizing operations. Venezuela, already renowned for its vast reserves, now boasts an even larger volume of proven oil. “Venezuela has the largest certified reserve, and those reserves, which were already certified, have increased by 30%, meaning Venezuela has a larger reserve than what had been certified,” he added, emphasizing the magnitude of this discovery.

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In addition to oil, President Maduro highlighted progress in the gas sector. He explained that Venezuela is in the process of certifying what would be the fourth largest gas reserves in the world. This diversification of energy resources promises a more sustainable and robust future for the Venezuelan economy. In St. Petersburg, the country secured new investments, validating international confidence in Venezuela’s energy potential.

“In St. Petersburg, we have now secured several new investors … So Venezuela is completing the perfect equation in the development of the [oil and gas sector] with major international investment alliances,” the president stated. Consequently, the country is not only strengthening its leadership in the oil sector but also expanding its capacity in the gas market, attracting key partners for the development of its oil and gas sector. These strategic alliances are vital to the long-term growth and sustainability of the Venezuelan energy industry.

In short, Venezuela has achieved a remarkable 30% increase in its certified oil reserves, consolidating its status as a world energy leader.

(RedRadioVE) by Jhulimar Fraga

Translation: Orinoco Tribune

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