Abstract
Venezuela is an important player in the energy world because of its hydrocarbons reserves. The process for calculating oil and associated gas reserves is described bearing in mind that 90% of the gas reserves of Venezuela are associated to oil. An analysis is presented of oil reserves figures 1975–2003. Reference is made to inconsistencies in these data found by international experts and including changes that took place in the 1980s, and the explanations offered for these by the Ministry of Energy and Petroleum (MENPET) and Petróleos de Venezuela (PDVSA). The reserves of associated gas are analysed as related to the different crude oils and the use of gas injection. Possible changes for gas are discussed if the figures for oil reserves were revised. Hubbert's Law is explained as a tool for determining peak production of conventional oil. The interest of the United Nations in this issue is emphasised. Some recommendations are submitted so that the MENPET may start to prepare the pertinent policies governing reserves.
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