(Energy Analytics Institute, 22.Apr.2022) — Venezuela is home to the Hugo Chávez Orinoco Heavy Oil Belt, also known as the Faja, which contains original oil in place (OOIP) estimated at 1,360 billion barrels, making it the world’s largest accumulation of heavy and extra-heavy oil, according to state owned oil giant Petróleos de Venezuela (PDVSA).
The resources span four blocks including Boyacá, Junín, Ayacucho and Carabobo, with the largest concentration in Junín.
By Piero Stewart. © Energy Analytics Institute (EAI). All Rights Reserved.
EDITOR’S NOTE: The names displayed for the four blocks were the original names assigned to them in the early 2000s under late President Hugo Chávez.