PANAMA CITY, PANAMA / HOUSTON, TEXAS (Editors at Energy Analytics Institute, 10.Jun.2025, Words: 900) — Heavy oil is similar to conventional reserves in many respects, and is superior in at least 1 respect: exploration risk is virtually nonexistent. The hydrocarbon industry knows where the reserves are located, the problem is getting the product — which varies in consistency from a thick crude oil to more or less, tar — out of the ground.
Venezuela is home to the Orinoco heavy oil belt or Faja, which boasts an estimated 1,360 billion barrels or bn bbls, or 1.360 trillion or tn bbls, of original oil in place (OOIP). It is the largest such accumulation of heavy and extra-heavy crude oil (EHCO) in the world. And, the 4 most popular in-situ thermal recovery methods considered to extract the Faja oils spanned from vapor extraction (VAPEX), cyclic steam stimulation (CSS), “toe-to-heel-air injection” or THAI to steam-assisted gravity drainage (SAGD).
