Exploration

Thu, 2006-06-01 03:07

Natalie Obiko Pearson, Yahoo! News
Beneath the plains and winding tributaries of the Orinoco River lie what Venezuela believes is the planet's largest oil deposit -- a tar-soaked basin that could help meet spiraling global energy needs.

It's known as the "Faja," or "belt": a strip three times the area of Kuwait potentially holding 1.2 trillion barrels of extra-heavy oil.

Tue, 2006-05-30 13:27

John W. Schoen, Senior Producer, MSNBC
The week's vote in the House to approve drilling for oil in the Arctic National Wildlife Refuge has several readers — including Kelly in Georgia — wondering if there's enough extra oil up there to make a difference.
...
So let’s go with the 10.4-billion-barrel estimate. The Energy Dept. figures that, from the day final approval is granted, it would take seven to 12 years to begin producing oil. That means ANWR oil would come on stream in 2013 and peak at about 876,000 barrels per day in 2024.