(Energy Analytics Institute, Pietro D. Pitts, 24.May.2018) – Venezuela’s reserves-to-production or R/P ratio was a remarkable 342 times in 2016 based on reserves of 300.9 billion barrels and production of 2.41 million barrels per day (MMb/d), according to BP’s Statistical Review of World Energy.
Today, in a best-case scenario, Venezuela’s R/P ratio could reach 550 times assuming no decline in reserves but a 38% drop in production to 1.5 MMb/d. Stated another way, Venezuela has enough reserves to last for 550 years, up 61% from 2016. In a presumed worst case scenario, if reserves were to declined for numerous reasons by 10% to 271 billion barrels with the same production of 1.5 MMb/d, Venezuela would still have enough reserves to last for 495 years, up 45% from 2016.
