VENEZUELAN EXTRA HEAVY OIL

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Dr. Humberto Cedeno dedicated this investigation to the topic of the huge heavy, extra-heavy and bituminous oil reserves in Venezuela, which are as large as Saudi Arabia's light and more demanded oil reserves. Venezuela's heavy oil needs high investment rates to develop. This has been possible thanks to high energy prices of 2004-2008. Nevertheless, Venezuela has not reached Canada's success in producing this kind of non-conventional oil.The Canadian government has set lower taxes and controls on the extra heavy oil reserves of the Alberta Province and the result is an output twotimes bigger as in Venezuela.