CARACAS, VENEZUELA (By Pietro D. Pitts with Ana Sanches and Piero Stewart, Energy Analytics Institute, 13.Jan.2026, Words: 400) — The Hugo Chávez Orinoco Heavy Oil Belt, or the Faja, is home to estimated original oil in place (OOIP) of 1,360 billion barrels. Stated another way, that is 1.36 trillion barrels.
These volumes rank it as the world’s largest accumulation of heavy and extra-heavy oil, according to Venezuela’s state owned oil giant Petróleos de Venezuela (PDVSA).
The resources span 4 blocks including Boyacá, Junín, Ayacucho and Carabobo, with the largest concentration in Junín.
Other Faja related research published by Energy Analytics Institute (EAI), formerly LatinPetroleum.com include:
— 4 original upgraders Sincor, Petrozuata, Cerro Negro and Hamaca: Venezuela is blessed with numerous heavy-oil reservoirs, but none compares to the largest accumulation of heavy and ultra heavy oil in the world – the 55,000 km2 (21,240 sq. mile) Orinoco heavy oil belt, also known as the Faja. In the 1990s, 6 companies were invited to Venezuela to assist the South American country extract, upgrade and commercialize a tar-like extra heavy crude oil (EHCO) located in the Faja. These companies included ExxonMobil Corporation (US), ConocoPhillips (US), Chevron Corporation (US), BP plc (UK), Total (France) and Statoil (Norway).
— 4 ways to extract Faja crudes (VAPEX, CSS, THAI and SAGD): 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).
— upgrading very heavy crudes: typically the upgrading consists of removal of the highly contaminated asphaltenic fraction and catalytic hydroprocessing of the less contaminated fractions. The most common processing scheme consists of a non-catalytic process, such as delayed coking of a portion or all of the heavy non-distillable residue, and catalytic hydroprocessing of some or all of the cracked and virgin distillates depending on the targeted market for the synthetic crude product.
— production and export grades, upgraded API properties: amid US sanctions on Venezuela and the state of disrepair of many the country’s refineries, upgraders and transport systems, these crude oil grades tend to trade at steep discounts.
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By Pietro D. Pitts, previously domiciled in Caracas, Venezuela between 1999-2016 as lead researcher for LatinPetroleum (publisher of LatinPetroleum Magazine and eMagazine), currently reports from Houston. Pitts fled Venezuela in 2016 amid rising violence, increased insecurity and a lack of medicines, among other issues. © 1999-2026 Energy Analytics Institute (EAI). All Rights Reserved.
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