MercoPress. South Atlantic News Agency

Venezuela increases proven oil reserves.

Venezuela's state-run oil company increased its proven oil reserves by 192 million barrels after drilling at two fields in eastern Venezuela, the company said in a statement this week.

Petroleos de Venezuela S.A., or PDVSA found 132 million barrels of crude after drilling two new wells at the Tacata field in Anzoategui state and discovered another 60 million barrels of oil reserves at the Chaguaramal field in Monagas state after drilling an exploratory well.

PDVSA has plans to invest 5 billion US dollars in 2005 in exploration and production. The company claims it is pumping over 3 million barrels a day of oil, but industry estimates put the figure closer to 2.6 million barrels per day.

Venezuela, the world's fifth largest oil exporter, has approximately 78 billion barrels in proven oil reserves - the largest in the Western Hemisphere.