Speaking on the Venezuelan State Television channel following a meeting of South American Energy Ministers, Ramirez said he had briefed his counterparts that Venezuela now has a grand total of 130 billion barrels of proven oil reserves, which, according his estimate, was the largest oil reserve deposit outside the Middle East.

He said Venezuela has increased its oil reserves forecast by 30 billion barrels from the figures published in April.

Ramirez also said that President Hugo Chavez's government plans to quantify additional heavy crude deposits in Venezuela's Orinoco River basin, but did not provide any further details.

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