Venezuela oil deposit confirmed

Venezuela's state oil company said a U.S. petroleum engineering firm certified that a block in the country's Faja del Orinoco region contains 28.7 billion barrels of oil.

The study by Houston-based Ryder Scott estimated the total amount of oil in the Carabobo 3 block, Petroleos de Venezuela said in a statement. The block may have proved reserves of 5.7 billion barrels, based on the expectation that 20% of the oil in the deposit can be recovered, the statement said.