POTENTIAL OF THE LARGEST OIL PRODUCING COUNTRIES IN THE WORLD

offshore oil drilling

Oil is the world's basic needs are somewhat hard to replace with other energy reserves. Currently, countries in the world without exception developed countries or developing countries continue to develop its natural resources, especially in the oil sector. In addition to producing very much the financial foreign exchange can also be used to establish a livelihood, the people of a country itself. One is a Latin American country that is Venezuela's Orinoco Belt precisely in the area that has been targeting has the largest reserves in 2009 dunia.terbukti crude oil rose to 1.06 trillion barrels and is beat to data released by OPEC. As we know for now the biggest oil producing country is still held by Saudi Arabia that is 265 billion barrels. 

Saudi Arabia carrying crude oil reserves amounted to 265 billion barrels, Saudi Arabia has a surplus in which the crude oil they produce enough light, conventional, and easy to pump. Meanwhile, crude oil reserves in Venezuela's Orinoco Belt is a kind of heavy and similar to tar. Crude oil in this area should be mixed with a lighter crude oil to be pumped out. And it is recognized that crude oil reserves in this region is very abundant. U.S. Geological Survey has provided the credibility that the content of crude oil in the Orinoco Belt to reach 513 billion barrels. To process all of this takes a lot of cost.

The existence of reasonable doubt by the investors one of them due to mismanagement at the state oil company PDVSA, which is a major shareholder in the Orinoco Belt. Other than that the political uncertainty in Venezuela as well be the cause of the oil drilling process barriers. As already known to the world that Venezuela has nationalized most of the oil industry in his country. Nationalization is also included the takeover of projects worth billions of dollars in Orinoc conducted by Exxon Mobil and ConocoPhillips in the year 2007. Given these problems do not stop the Venezuelan government to sign several contracts contracts with foreign investors.

The issue of World Oil Price Effect on Production Plan Orinoco

Continuity plan for drilling in the Orinoco Belt crude oil is also highly dependent on world crude oil price movements. The high costs of production for the kind contained in the Orinoco oil caused crude oil prices should be in the range of 75-85 dollars per barrel for production can benefit monetarily. Oil companies are willing to put aside the global political risk in order to ensure the availability of crude supplies in the long term. Most important for Venezuela to keep his cooperation contracts with global oil companies and provide good treatment. for investors. And that expected from global companies today is a more friendly policy of investors from the Chavez goverment.