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Venezuela on the Road to Have World's Largest Oil Reserve

Caracas, Oct 18 (Prensa Latina) Venezuela's proven oil reserves increased to 80.58 billion barrels in 2004 or 3.4 billion more than the previous year, state-run Petroleos de Venezuela (PDVSA) oil firm announced.

The source added that gas reserves also increased from 150 trillion cubic feet to 151.48 trillion cubic feet.

Currently Venezuela is working on certification of heavy and extra heavy hydrocarbons in the Orinoco Oil Belt, and expects to add 236 billion barrels to make the country the world's largest oil reserve.

Venezuela is trying to prove the existence of oil in the Orinoco Belt, instead of bitumen as previously expected.

The PDVSA note said proven reserves of crude and gas secure a reliable supply to its clients and sister countries to consolidate the Bolivarian Alternative for the Americas (ALBA).

Through ALBA, Venezuela is proposing a regional integration system based on cooperation rather than trade, in contrast to the Free Trade Area of the Americas (FTAA) promoted by the United States.