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The new gas discovery in South America leaves Middle Eastern countries behind, while Venezuela stands out, surpassing Saudi Arabia, Canada and Iraq in reserves and changing the global energy landscape.
The new gas discovery in South America has put Venezuela in the spotlight, making it the largest holder of global oil and gas reserves. With impressive amounts of natural resources, greater than traditional powers such as Saudi Arabia, Canada and Iraq, the South American country is now exerting strategic influence on the energy market and raising alarm bells in regions such as the Middle East.
Venezuela's rise as a world leader in oil and gas reserves is accompanied by this new gas discovery in South America, a factor that has shaken up the sector.
While the production of historically strong nations in the area, such as Saudi Arabia, Canada and Iraq, was already a reference, the emergence of a new energy giant to the south of the American continent changes the balance of forces.
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Venezuela Resources
Most of Venezuela's resources are located in the Hugo Chávez Orinoco Oil Belt in the southeast of the country, with around 279,1 billion barrels. Significant reserves are spread across the states of Zulia and Falcon in the northwest, and Barinas and Apure in the southwest.
Venezuela's growing capacity to expand its production, with the goal of surpassing one million barrels per day by 2024, reinforces the country's influence over global oil prices and supply, giving even more weight to the new gas discovery in South America.
However, Venezuela's progress is not without obstacles. Political tensions, including sanctions reinstated by the United States, are bringing uncertainty to the country's energy future.
In response, Vice President Delcy Rodriguez suggested a reassessment of the forms of cooperation with Washington, while President Nicolás Maduro announced agreements with around 20 investors, aiming to diversify commercial partners and circumvent external pressures.
New global energy hub
For South America, this new phase in Venezuela could solidify the continent as a new global energy hub. The new gas discovery in South America, combined with already proven reserves, could transform the region into a crucial player in the supply of oil and gas, displacing traditional centers and redefining the geopolitical map of energy.
While the Middle East tries to maintain its relevance, the world turns its eyes to Venezuelan lands, today capable of surpassing Saudi Arabia, Canada and Iraq and establishing a new level on the global stage.
I guarantee that our country has these reserves. I worked for 10 years in the oil industry. There is a lot of oil and gas.
If the US had not imposed an embargo on Venezuela, the country would be bigger than Saudi Arabia in financial matters, but due to the desire of the **** market to always keep prices high, it was filled with embargoes and today not even the Venezuelan population is organized to trust each other and have a dignified country. I believe they have a lot of potential, what they lack is organization.