The high costs associated with unconventional oil mean that many of these reserves remain dormant, acting as a pressure valve for the global market rather than an immediate supply. The country sits on what is known as the Orinoco Belt, a region containing vast quantities of extra-heavy crude and bitumen.
Future Oil Supply: Ranking the Untapped Reserves Globally
Russia's Siberian Deposits Russia is a dual contender in this list, holding vast reserves both in its well-known Siberian regions and in difficult Arctic territory. The Orinoco Belt requires advanced drilling techniques and substantial refining capacity that the nation currently lacks.
While the numbers are enormous, often cited in the hundreds of billions of barrels, the oil is highly viscous and difficult to refine. Defining "Untapped" in the Energy Era Before identifying the leading nations, it is critical to define what "untapped" actually means.
Future Oil Supply: Ranking the Untapped Reserves Globally
However, they differ from proved reserves, which are already confirmed and financially viable to extract. Venezuela: The Giant of Heavy Crude When examining the leader in total volume, Venezuela consistently tops the list, though the nature of its resource is complex.
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