So BP is the latest to recognise officially that Venezuela has the largest proven oil reserves in the world, something that Hugo Chávez has been merrily pointing out for years.
In reality, this has not passed oil companies by – they have been jockeying to get a piece of the action for some time, with the exception of a few (like Exxon Mobil and Conoco Philips) who don’t like Chavez’s way of doing business.
Only on Wednesday, China National Petroleum Corp’s vice-president assured that the company plans to bump up production in Venezuela to 800,000 barrels per day (bpd) of oil by 2017, four times the 200,000 bpd it says it is pumping at the moment.
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