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Venezuela could be producing 6.86 million barrels of crude per day in 12 years if it taps into the ultra-heavy oil under the Orinoco belt, Oil Minister Rafael Ramirez said Tuesday.
Ramirez, speaking at an international seminar on ultra-heavy crude, also said that foreign firms would need to be involved in the ambitious project.
"We have an investment plan to build enough capacity to produce 4.25 million barrels of oil a day by 2015," said Ramirez, who also heads the giant state-run oil consortium Petroleos de Venezuela (PDVSA).
"By 2021, our goal is to reach a production of 6.86 million barrels per day," and the Orinoco belt region "will provide the barrels into the future," he said.
Venezuela, South America's largest crude oil producer, has a current output of some 3.2 million barrels of oil per day, according to government figures.
The Orinoco belt, one of the world's largest deposits of heavy and ultra heavy oil, is located on a broad strip of land north of Venezuela's Orinoco River.
Heavy and ultra-heavy, or extra-heavy, crude is oil that is more dense and needs more refining than regular crude. It is often found in oil sands.
To reach the Orinoco belt oil, Venezuela will need technological expertise from foreign companies, Ramirez said, because the ultra-heavy oil is difficult to extract and needs more refining than regular oil before it is exported.
"Countries like Canada, Mexico and regions in the Middle East have important extra-heavy crude reserves, but by 2015 Venezuela will have the world's largest extra-heavy reserves," he predicted.
Venezuela currently has proven reserves of 142.3 billion barrels of oil, and Ramirez said he expected that by 2010 it will be able to certify 316 billion barrels. Of this figure, 235 billion lies in the Orinoco belt.
Since 2007, Venezuela has taken control over its oil resources, and foreign companies operating in the country must form joint ventures with local companies, which will maintain a majority of the capital.
Ramirez said that currently some 532,000 barrels of crude a day of different qualities are produced in the Orinoco belt. He added that 27 companies from 21 countries have operations in the region.
