FACT BOX: Venezuela’s Faja Contains 1,360 Billion Barrels of OOIP

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(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.

RELATED STORY: Popular Thermal Recovery Methods Used in Venezuela

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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.

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Energy Analytics Institute (EAI), formerly LatinPetroleum.com, is a Houston-established private organization with a satellite presence in Calgary, Mexico City and Venezuela where it operates under Editores LatinPetroleum SA. Since 1999, EAI has been a leader in energy news coverage of Latin America in particular. Coverage, run out of Latin America, now spans the world and encompasses nearly all energy and energy-related sectors.

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